Bitcoin Price Analysis: BTC/USD $7000 rejection could be painful
- Bitcoin price is trading in positive territory, up 1.60% in the second half of the session.
- BTC/USD tested the big $7000, being hit within another rejection suggesting vulnerabilities to the downside.
- The next major downside target is eyed at $6500, which if breached could invite a huge wave of selling.
BTC/USD daily chart
A minor bounce was observed, price action continues to remain tight, with a lack of full commitment, resistance seen at $7000, with support at $6500.
BTC/USD 60-minute chart
Near-term price action moved out of a narrowing range block to the upside, another period of narrowing is currently being observed, subject to a breakout, leaning towards some upside pressure for the bull.s
Spot rate: 6828.94
Relative change: +1.60%
High: 6986.01
Low: 6826.77
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
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