Bitcoin price analysis:  BTC/USD stays below $7,700, short-term momentum waning

  • Bitcoin is rangebound after weekend growth.
  • Crypto market has a potential as only 8% are involved in crypto trading.

Bitcoin is trading a $7,650, off the intraday high registered at $7,755. The most popular digital coin managed to break above critical $7,500 on weekend, creating positive momentum on cryptocurrency market. The coin is mostly unchanged since the start of the day, consolidating the gains of the previous days.

From the longer-term perspective, Bitcoin has an upside potential as over 92% of the population has not invested in cryptocurrencies yet, Finder's research shows. About 10% of them thinking about getting engaged once the market starts growing again and the bubble burst is clearly avoided. Others believe that it is too complicated to get involved or waiting for waiting for the market to become more secure and mainstream.

Bitcoin's technical picture

Bitcoin has been trading within a rising channel in recent days, getting ready for another bullish breakthrough. The price stays above all hourly moving averages, with both 50 and 100-SMAs above 200-SMA, which confirms the upside momentum. The local support is created by the upside trendline at $7,570, strengthened by 100-SMA. If it is broken, the sell-off may be extended towards $7,448 (200-SMA). On the upside, a sustainable movement above $7,830-50 will ensure further recovery towards $8,000.

BTC/USD, the hourly chart

BTC/USD, the hourly chart





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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA braces for a test of $2 amid a potential bull pennant

Cardano (ADA/USD) is extending its recovery this Sunday after a sharp sell-off witnessed a day before. ADA/USD charts a bull pennant on the 12H chart.  A test of the $2 mark appears inevitable if the bullish pattern is confirmed. RSI has regained upside momentum, well above 50.00.

More Cardano News

XLM Price risks further falls towards $0.53 amid double top reversal

XLM/USD is falling for the third straight day on Sunday. $0.53 support appears at risk after the double top reversal on the 1D chart. RSI points south towards the midline as the XLM price eases from record highs.

More Stellar News

Dogecoin: Defending 21-DMA is critical after Musk calls it a ‘hustle’

Elon Musk's appearance on 'SNL' throws DOGE under the bus. DOGE/USD extends sell-off into Sunday, hitting five-day lows. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

More Dogecoin News

Ethereum bulls gather strength for a sustained break above $4000

Ethereum bulls take a breather after Saturday’s $500 rally to record highs. The No. 2 coin eyes additional upside after rising wedge breakout on the 4H chart. RSI is in the overbought region, dip buying to keep the uptrend intact.

More Ethereum News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast