Bitcoin price analysis: BTC/USD sits where it hurts, but won't break where it can't get back up

  • BTC faces resistance exactly where the price is.
  • Prices consolidating is a good sign for the long term bulls.

The king of digital currencies, Bitcoin, is sitting exactly where it faces tough time to sustain the prices and may find itself going back to where it began from, perhaps towards round-figure mark of $7,000.

BTC/USD is trading flat on day at $7,510, after bouncing from the lows of the day of $7,442. The price of BTC is exactly where it hurts the bulls - on the 240-minute chart, there's a downward sloping trendline which is at $7,500 currently and given the thinly traded weekend, it may not be easy to sustain this trendline.

Having said that, long term consolidation visible on the daily chart is a good sign for long term bulls and the more it consolidates above the trendline support, which is placed around $7,000, the better the chances of BTC heading higher in the long term.

BTC/USD 240-minute chart:

BTC/USD daily chart:

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.