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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. 
Bitcoin Price Analysis: BTC/USD $7000 rejection could be painful
Ken ChigboKen ChigboIndependent 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

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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