Bitcoin Price Analysis: BTC/USD will not hit $8,000 unless it falls to $5,000 first

  • Bitcoin price is facing growing selling pressure in the zone between $6,800 - $6,900.
  • If the seller congestion zone at $7,000 is unconquered soon, BTC/USD will have no choice back to return to $5,000.
  • Fresh buyer interest is expected in the region between $5,000 and $6,000; which is the boost BTC/USD requires to tackle $8,000.

Spot rate: $6,661

Relative change: -95

Percentage change: -1.36%

Trend: Bearish bias

Volatility: Expanding

BTC/USD daily chart

BTC/USD price chart

Bitcoin price attempt to climb the ladder above $7,000 was met by increased selling activities in the zone between $6,800 - $6,900. This left the psychological zone at $7,000 untested, however, the area remains critical to Bitcoin price near term trend. If Bitcoin continues to stay under $7,000, sellers’ confidence will continue to grow. At the same time, buyers’ exhaustion will become apparent, culminating in losses towards the support at $6,400.

Extended losses beneath $6,000 could trigger a fall to $5,000 in a bid to allow more buyers to enter and buy low. Bitcoin is not able to break above the zone at $7,000, despite the technical picture being healthy because fundamentals still lag. More buying entries will increase the trading volume placing BTC in a formidable rally towards $8,000.

Confluence detector support and resistance

Resistance one: $6,922 – Highlighted by the Bollinger band 15-minutes upper.

Resistance two: $7,130 – The pivot point one-month support two.

Support one: $6,574 – The SMA 100 1-hour and the Bollinger Band 1-hour lower curve converge here.

Support two: $6,366 – Highlighted by the Fibo 161.8% daily and the Fibo 23.6% weekly.

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

Bitcoin Price Prediction: BTC/USD is one major bump away from spiking to $10,000

Bitcoin price is still in the red three days in a row. On Tuesday, BTC succumbed to selling pressure, briefly breaking below the support at $9,200. A recovery ensued with Bitcoin spiking towards $9,300, however, an intraday high during ...

More Bitcoin News

Ripple Price Analysis: XRP/USD consolidates below the $0.2–level

XRP/USD bears regained control after a slightly bullish Tuesday. The price has gone down from $0.1991 to $0.1990 in the early hours of Wednesday. The price has dropped below the flag formation and ...

More Ripple News

ETH/USD in consolidation, here is the bullish scenario to $280

Ethereum bulls have managed to correct the negative gradient on Tuesday with a shallow recovery to the former pivotal level at $240. Investor interest has remained high despite Ether being a poor performer.

More Ethereum News

NEO Price Forecast: NEO/USD explodes 5% in a Bitcoin consolidation market

NEO is arguably the most-improved cryptocurrency in the cryptocurrency market. In spite of the consolidation witnessed among major cryptoassets such as Bitcoin and Ethereum, NEO/USD is ...

More NEO News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast