Bitcoin price dips below the pivotal $7,000 level while Billionaire George Soros changes his mind, starts trading cryptocurrencies
- George Soros to start trading cryptocurrencies in an interesting turn of events after called Bitcoin a bubble.
- The 100 SMA has failed to support the price during the declines, although it will offer resistance as the price corrects higher.
Bitcoin price is currently recovering from the lows traded last week on Friday. The weekend session saw the price trade both higher lows and higher highs. BTC/USD is currently trading below the pivotal $7,000 level on Monday morning GMT after a sharp decline.
In other news, George Soros, a prominent figure in the financial industry has been reported to have started trading cryptocurrencies. His current move is an interesting turn of events since he called digital assets and primarily Bitcoin a bubble. Although the billionaire investor will not be trading cryptos himself, his head of Soros Fund Management, Adam Fisher, has obtained the approval to do so.
Bitcoin price technical analysis
There is increasing selling pressure in the market as Bitcoin price sharply declines from trading above $7,000 to exchange hands below $6,800. The price is currently testing the short-term support level at $6,750. The 100 SMA has failed to support the price during the declines, although it will offer resistance as the price corrects higher. The bottom has not cleared for BTC/USD as the danger of further declines is still looming. The major support for Bitcoin price rests at the weekend low of $6,520.
BTC/USD hourly chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
