Bitcoin Price Analysis: BTC/USD fails to stay above the $7,500 level as market remains fearful

BTC/USD bulls and bears maintained a back-and-forth throughout Friday to take control of the market.
The fear and greed index shows that the BTC/USD market is currently experiencing "extreme fear."

BTC/USD daily chart

BTC/USD dropped from $7,510.78 to $7,477.75 as the bears took control after four consecutive bullish days. The price has encountered resistance at the upper curve of the 20-day Bollinger Band. The Bollinger jaw is widening as well, which indicates increasing price volatility. The Elliott Oscillator shows three straight green sessions. The $7,373 support level needs to hold strong to prevent further downward movement.

BTC/USD 4-hour chart

The 4-hour chart is trending in a flag formation as bulls and bears engaged in a back and forth. The bulls failed to breach resistance at $7,586.92 and then later on at $7,534.30. The MACD line is about to cross over the signal, indicating a reversal of bullish momentum. The RSI indicator is trending along the edge of the overbought zone.

BTC/USD hourly chart

The hourly breakdown of BTC/USD is trending horizontally as well. The SMA 20 curve has held steady as the price repeatedly struggled to break past it. The 20-day Bollinger Band has narrowed considerably, which shows decreasing price volatility. The Elliott Oscillator shows increasing bearish market sentiment.

Fear and Greed Index

Image Credit: Alternative.me

As per the fear and greed index, the Bitcoin market is presently going through a period of extreme fear. This shows that the asset is heavily undervalued right now and may soon experience a bullish resurgence.

Key levels

BTC/USD

Overview
Today last price	7478.35
Today Daily Change	-32.28
Today Daily Change %	-0.43
Today daily open	7510.63

Trends
Daily SMA20	7069.57
Daily SMA50	6750.57
Daily SMA100	8024.4
Daily SMA200	7974.54

Levels
Previous Daily High	7609.48
Previous Daily Low	7390.54
Previous Weekly High	7765.01
Previous Weekly Low	6754.64
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7525.85
Daily Fibonacci 61.8%	7474.17
Daily Pivot Point S1	7397.62
Daily Pivot Point S2	7284.61
Daily Pivot Point S3	7178.68
Daily Pivot Point R1	7616.56
Daily Pivot Point R2	7722.49
Daily Pivot Point R3	7835.5

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