Bitcoin price analysis: BTC/USD cannot pass through $7,000, but tax man is no ways to blame

Bitcoin and other major cryptocurrencies attempted to regain losses on Tuesday, but $7,000 hurdle proved to be too strong for BTC bulls. This level has been serving as a formidable resistance lately, limiting the upside. 

From the longer-term perspective, Bitcoin has been oscillating in $6,500 to $7,500 range since early April without any signs of looming breakout as of yet. Some experts tend to blame for falling prices on American tax period, which means that the extended recovery will start as soon as we pass the tax filing deadline. 

This theory has weak points. Finder.com survey demonstrates that only 8% of Americans confessed that they bought some cryptocurrency as of December 2017, which is hardly enough to create a market trend. What's more, only 100 filings out of over 250,000 submitted so far through personal finance company Credit Karma contained information about cryptocurrency gains. This is less than 0.4%.

Bitcoin technical picture

BTC/USD is staying close to $6,800/ The intraday technical situation is dull as the coin has been sitting in a tight range for the most of the Asian session. The closest resistance is created by 100-EMA (hourly chart) at $6,850; it is followed by $6,900 (200-EMA) and $7,000. On the downside, the support is seen at $6,600 and $6,500 with psychological $6,000 to follow.

 
BTC/USD, the hourly chart