Bitcoin price analysis: BTC/USD breaks trendline support; back below $7,000

  • Bitcoin price is on a path of breaking barrier below $7,000.
  • BTC/USD must find a support above $6,900 to avoid yet another break down towards $6,800.

Bitcoin price settled above $6,900 following the overarching declines on Friday last week. Since then it has been pivotal at the $7,000 level, although the upside appears to be limited below $7,150. The price picked up the pace on Monday 6 during the Asian trading hours. BTC/USD broke out using the support at the 50% Fib retracement level taken between the highs of $7,163.59 and $6,891.73 lows at $7,028.08.

The price attacked the short-term resistance at $7,075 but failed. Subtle lower corrections continued but a reverse trend occurred at $7,040. Bitcoin sprung up into an engulfing candle that was unstoppable until the intraday resistance at $7,150. The buyers lack the support to maintain the price above $7,000. Besides, at the time of press another bearish wave has sent Bitcoin tumbling past the trendline support at $7,080.

Furthermore, the 50 simple moving average in the 15-minutes timeframe chart did very little to prevent the slide below $7,000. BTC/USD is testing the support at $6,950, however, it is likely that the price will break down into the $6,800 range. $6,900 is both a support and a break down; if the price finds support above this level, a reversal towards $7,000 will follow. However, a slide below $6,900 will have Bitcoin breaking down into another downward spiral towards $6,800. Indicators on the chart at this time are highly bearish but it also means that the sellers are getting exhausted and the buyers could find an entry. 

BTC/USD 15-minutes 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

The cryptocurrency market resumes the decline, Bitcoin (BTC) dangerously close to $8,000

Bitcoin and major altcoins resumed the decline after a short period of range-bound trading on Wednesday. The total market capitalization retreated to $220 billion, according to CoinMarketCap data. An average daily trading volume stabilized at $52 billion, while Bitcoin’s market settled at 66.3%. 

More Bitcoin News

EOS developer makes blockchain governance proposal

EOS has recovered from the intraday low of $2.81 to trade at $2.97 at the time of writing. Despite the recovery, the coin is still 5% lower from this time on Tuesday.

More EOS News

TRON price analysis: TRX/USD claws back ground after a sharp-sell-off

At the time of writing, TRX/USD is changing hands at $0.0156. The coin has lost over 5% in seven 24 days, and the downside momentum is still strong. 

More Tron News

Ethereum market update: ETH/USD drops below DMA50 amid growing bearish sentiments

ETH created the recent top at $197.80  on October 11 and has been sliding down ever since. The second-largest digital asset retreated below $180.00 during early Asian hours amid the sell-off on the cryptocurrency market.

More Ethereum News


Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast