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.
BTC/USD daily chart
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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
Author
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
