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

Spot rate: $6,661

Relative change: -95

Percentage change: -1.36%

Trend: Bearish bias

Volatility: Expanding

BTC/USD daily 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.