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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.

Ken Chigbo Independent 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 price	7051.8
Today Daily Change	-61.57
Today Daily Change %	-0.87
Today daily open	7113.37

Trends
Daily SMA20	6808.56
Daily SMA50	7006.83
Daily SMA100	8111.65
Daily SMA200	8017.51

Levels
Previous Daily High	7216.69
Previous Daily Low	6466.49
Previous Weekly High	7468.81
Previous Weekly Low	6681.12
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6930.11
Daily Fibonacci 61.8%	6753.06
Daily Pivot Point S1	6647.67
Daily Pivot Point S2	6181.98
Daily Pivot Point S3	5897.48
Daily Pivot Point R1	7397.87
Daily Pivot Point R2	7682.38
Daily Pivot Point R3	8148.07

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.

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BTC/USD

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