TRENDING:
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

Bitcoin price analysis: The bounce is done, now back to sub-$7,000?

  • Retraces most of the gains of last two weeks.
  • Some more give back likely before another bounce.
Bitcoin price analysis: The bounce is done, now back to sub-$7,000?
Manoj B RawalManoj B RawalIndependent Analyst

Bitcoin, the poster boy of cryptocurrency with largest market capitalisation, has given up most of its gains of the past two weeks and chances are it may fall even below $7,000 mark all over again before it shows another meaningful bounce.

BTC/USD is up about half a percent for the day at $7,449 and the range so far for the day has been less than 2 percent. BTC bounced sharply in the last two weeks and has now given up most of those gains in its journey towards a critical support on the daily chart - $6,700, way below psychologically important $7,000 mark.

Support is placed before that is around $7,140 mark, which is a 50 percent fibonacci retracement of its recent rise from the low hit in June. Resistance is placed just around the current price - $7,455.

BTC/USD daily chart:

Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

More from Manoj B Rawal
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP edges lower despite record on-chain activity and steady ETF inflows

XRP edges lower despite record on-chain activity and steady ETF inflows

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual Decentralised Exchange had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Hyperliquid Price Forecast: Bulls aim breakout as RSI and MACD flash buy signal

Hyperliquid Price Forecast: Bulls aim breakout as RSI and MACD flash buy signal

Hyperliquid struggles to surface above $35 as a local resistance trendline caps the two-day recovery run. Hyperliquid Strategies Inc. (PURR) transfered 12 million HYPE tokens to Hypercore and staked 425,000 tokens, which reflects confidence. 

Cardano builds recovery momentum as sentiment improves

Cardano builds recovery momentum as sentiment improves

Cardano is extending its recovery for the second consecutive day, trading at around $0.4400 at the time of writing on Thursday. If this recovery leg from Monday's $0.3707 level steadies in the coming days, Cardano bulls could push toward a bullish December.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.