• BTC/USD has recovered from the intraday low, but the upside is limited.
  • A sustainable move below $7,000 will worsen the short-term outlook.

Bitcoin hit the intraday bottom at $7,082 ahead of the European opening. At the time of writing, the first digital coin is changing hands at $7,178, mostly unchanged in recent 24 hours and down 1.7% since the beginning of Wednesday.  

Bitcoin's technical picture

Bitcoin broke free from the short-term range where it had spent most of the time since the beginning of December. A failure to recover above critical $7,350 (61.8% Fibo retracement for the move from $3,226 to $13924) increased the bearish sentiments on the market and pushed BTC/USD below the local support of $7,250. The next downside target is created by a psychological $7,000. However, the bears may have a hard time pushing the price below this handle as it is reinforced by the intraday low and the lower line of 1-hour Bollinger Band. 

Once it is broken, the sell-off may continue towards the lower boundary of the daily Bollinger Band at $6,670 and the recent bottom of $6,526.

On the upside, we will need to see a sustainable recovery above at least $7,250 to improve the short-term technical picture. The next strong resistance is created by the confluence of the above-mentioned 61.8% Fibo retracement and SMA200 (Simple Moving Average) 1-hour at $7,350. If it is broken, we may see a recovery towards $7,400 (the upper line of 1-hour Bollinger Band) and $7,868 (November 29 high).

BTC/USD, 1-day chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP