Bitcoin Price Analysis: BTC/USD breaks down towards $7,000

  • Bitcoin is struggling to stay above $7,300 amid expanding volatility.
  • The rising wedge pattern support break triggered the ongoing retracement towards $7,000.

Bitcoin price has continued trade under duress this weekend. The hope that the price will advancement towards $8,000 could happen before December has been thwarted by increasing selling pressure. At the time of writing, BTC is trading at $7,326 following a 3% loss on the day.

The correction from the November lows at $6,533 fizzled out forming a high at $7,878. The bears took advantage of the vulnerable bulls, sending Bitcoin below the 50 SMA and the 100 SMA on the 1-hour chart.

Bitcoin forced its way through the rising wedge pattern support. The impact of the pattern is the force behind the ongoing chop offs. The 50% Fib retracement is in line to offer support slightly below $7,250.

The Relative Strength Index appears to be nurturing a recovery from the oversold. If the upward correction is sustained, Bitcoin is likely to push the reversal above $7,500 in the coming sessions. However, the danger of touching $7,000 is still very apparent.

BTC/USD 1-hour 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC needs to defend critical support level at $10,600

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. 

More Bitcoin News

UNI ready for a bullish assault, once $5.7 is cleared

UNI, the native token of a popular DeFi project Uniswap, rebounded from the support of $4.7 to trade above $5.5 during early Asian hours. By the time of writing, the token retreated to $4.9.

More Uniswap News

BNB full-blown sell signals aim for $22

Binance Coin had a particularly yielding trading period at the beginning of September. Although BNB showed signs of ascending to new yearly highs, the uptrend stalled at $33.50. 

More Binance Coin News

Bitcoin gets back in the game

This weekend saw one attempt by Bitcoin to break the $11000 barrier by taking advantage of the gap that Ethereum left with its sudden attempt to reach the $400 price level.

More Bitcoin News


Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast