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Bitcoin Price Analysis: BTC/USD bulls must capitalize above $7000 or risk another steep drop

  • Bitcoin price is trading in negative territory, down 3.05% in the second half of the session. 
  • BTC/USD moving within consolidation flirting with the big $7000 price mark.
  • The next price development is critical for the Bitcoin trend moving forwards.
Bitcoin Price Analysis: BTC/USD bulls must capitalize above $7000 or risk another steep drop
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The bulls are making an attempt to break above the psychological $7000 price mark, however, supply remains heavy around this area. A retest of a breached daily flag was seen in the prior session. 

BTC/USD 60-minute chart

The bulls are struggling to break down a zone of resistance, which is seen running from $7000-$7200. 

Spot rate:                7035.40

Relative change:     -1.10%

High:                       7152.93

Low:                        6998.92

BTC/USD

Overview
Today last price7051.8
Today Daily Change-61.57
Today Daily Change %-0.87
Today daily open7113.37
 
Trends
Daily SMA206808.56
Daily SMA507006.83
Daily SMA1008111.65
Daily SMA2008017.51
 
Levels
Previous Daily High7216.69
Previous Daily Low6466.49
Previous Weekly High7468.81
Previous Weekly Low6681.12
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%6930.11
Daily Fibonacci 61.8%6753.06
Daily Pivot Point S16647.67
Daily Pivot Point S26181.98
Daily Pivot Point S35897.48
Daily Pivot Point R17397.87
Daily Pivot Point R27682.38
Daily Pivot Point R38148.07

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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