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



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 & Analysis

Editors’ Picks

Bitcoin Price Analysis: Bearish bias still intact while below 200-HMA

BTC/USD breached 10k for the first in four days in a wild Saturday trading. BTC buyers appear struggling on the road to recovery this Sunday. The technical set up still remains in favor of the bears in the near-term.

More Bitcoin News

Ripple Price Prediction: $0.28 back in sight amid a potential bear flag

Having seen a sharp correction from a seven-month high of 0.3466 on Saturday, Ripple (XRP/USD) is making recovery attempts in a bid to regain the 0.32 handle this Sunday. A stack of resistance levels caps the upside. The spot has charted a potential bear flag on hourly sticks. 

More Ripple News

Bitcoin Cash Price Analysis: Path of least resistance appears to the downside

BCH/USD stalls its recovery just shy of the 458 threshold, having witnessed a sharp pullback from near an eight-month peak of 496.96 clocked last Friday. No. 5 coin is teasing a bearish flag breakdown on hourly sticks, with the RSI flattening below the mid-line.  

More Bitcoin Cash News

Cryptocurrency market update: Ethereum stands tall amid broad crypto correction

Corrective downside still intact, as the recovery attempts lack further legs. Ripple emerged as the weakest amongst the top 3 most favorite crypto coins. Ethereum remains on track to book a whopping 18% weekly gain.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast