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.

Manoj B Rawal Independent 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

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.

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