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Bitcoin Price Analysis: BTC/USD freefalls from $7,300, breakdown to $6,500 still looms

  • Bitcoin price rallied above $7,000 for the first time since the devastating fall on March 12; the move confirmed $8,000 is a possibility.
  • BTC/USD upside action cut short at $7,300 but the MACD and the RSI show the technical picture is still healthy.
Bitcoin Price Analysis: BTC/USD freefalls from $7,300, breakdown to $6,500 still looms
John IsigeJohn IsigeFXStreet

BTC/USD daily chart

BTC/USD price chart

Bitcoin price rejection from levels around $7,300 failed to find support at $7,000 and $6,800 respectively. The price is doddering at $6,773 amid a building bearish momentum. However, the RSI and the MACD have remained positive. For instance, the RSI is sitting above the average; its leveling motion hints to possible sideways trading ahead of the weekend session. Consequently, the MACD is moving north towards the positive territory. A bullish divergence from the MACD suggests the bulls have an upper hand.

According to the confluence detector, if the short term support at $6,750 fails to hold, additional support is expected at $6,538 highlighted by the pivot point one-day support one and the Bollinger band 4-hour middle curve. Another key support lies at $6,185 while a drop under $6,000 could seek refuge at $5,973.

Bitcoin intraday key levels

Spot rate: %6,778

Relative change: -25

Percentage change: -0.34%

Trend: Bearish

Volatility: Low

BTC/USD

Overview
Today last price6780.58
Today Daily Change-22.87
Today Daily Change %-0.34
Today daily open6803.45
 
Trends
Daily SMA206110.48
Daily SMA507783.96
Daily SMA1008161.98
Daily SMA2008212.79
 
Levels
Previous Daily High7254.75
Previous Daily Low6582.84
Previous Weekly High6983.8
Previous Weekly Low5683.95
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%6998.08
Daily Fibonacci 61.8%6839.51
Daily Pivot Point S16505.94
Daily Pivot Point S26208.43
Daily Pivot Point S35834.03
Daily Pivot Point R17177.85
Daily Pivot Point R27552.26
Daily Pivot Point R37849.76

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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