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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.

Ken Chigbo Independent Analyst

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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