Bitcoin price analysis: BTC/USD big test of game-changing weekly support
- The Bitcoin price is subject to a weekly closure in the red, as the bulls fail to find upside momentum.
- BTC/USD weekly support is being tested by the bears, tracking at $7800.
Bitcoin price is heading for another week closing in the red, the price has failed again to find any upside momentum. It has been the case since the back-end of June, when the bulls ran out of steam, up to within the $13,000 territory.
BTC/USD is flirting with big weekly support seen at $7800, the price has touched this for going on four weeks now. Bitcoin has not traded below this via the weekly since May when the price was moving north at the time.
Technically, a weekly breakout and closure below could be very damaging to the price. It could very well open the door to a fresh wave of selling pressure. The next major weekly support south of this is seen down at $6000.
BTC/USD weekly chart
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.
