Bitcoin price analysis: BTC/USD gains locked below the 61.8% Fibo; Warrant Buffet on Bitcoin again says “Beware”

Bitcoin price has begun slight downside corrections, but the chart shows that is still up a subtle 0.43% on the day. BTC/USD is dancing with $7,000; the level we explored in an earlier publication. The 61.8% Fib retracement level with the last swing high of $8,770 and a low of $7,090 is offering immediate resistance above $7,000.

While on CNBC’s "Squawk Box" segment, Wall Street’s own Warren Buffet and the CEO of JPMorgan Chase, Jamie Dimon warned investors to be wary of virtual currencies. Warren Buffet said, “Just beware” while Jamie reckoned, "I don't want to be a Bitcoin spokesman," The two have been Bitcoin’s critics for a while now, for instance in May this year, Warren said that Bitcoin is "probably rat poison squared."

Bitcoin has suffered the biggest slide from the near $20,000 highs it traded last year in December. The crypto has been unable to break past the long-term resistance at $10,000 for a while now, however, there is a weak bullish trend that began earlier this month. But the general trend is still bearish. The multi-week descending trend is approaching a breakout that could see Bitcoin finally attack $8,000 for the first time in June. The price will find a support at $7,600, but the zone at $7,400 will offer stronger support. Moreover, the 100 SMA will also prevent declines slightly above $7,550 on the 4-hour timeframe chart,