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.

John Isige FXStreet

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

Monero risks extending correction as market structure weakens

Monero (XMR) is extending its downtrend, below the $500 level at the time of writing on Wednesday, as sellers remain dominant during the American session. XMR has declined by approximately 38% from a recent high of $800, reached last Wednesday.

Ripple holds support as traders remain cautious

Ripple (XRP) is navigating a critical juncture as price action stabilizes above $1.90 at the time of writing on Wednesday. The cross-border remittance token came under aggressive selling earlier this week as macroeconomic and geopolitical tensions escalated.

Bitcoin struggles below $90,000 amid easing risk appetite, increasing bearish pressure

Bitcoin price hovers around $89,000 on Wednesday, after falling 8.79% over the past 6 days. Risk appetite continues to fade amid turmoil in Japan’s bond market and renewed geopolitical tensions between the US and the EU.

Crypto Today: Bitcoin, Ethereum, XRP stabilize despite weakening institutional, retail demand

Bitcoin holds below $90,000 on Wednesday, weighed down by weakening institutional and retail demand. Ethereum defends $2,900 support amid resumption of spot ETF withdrawals. XRP holds above $1.90 as US-listed spot ETFs record the second outflow since launch.

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 bulls remain strong amid institutional demand, risk-on sentiment improves

Bitcoin (BTC) price holds above $95,500 at the time of writing on Friday after rallying more than so far 5% this week. The rising institutional and corporate demand supports the bullish price action in BTC.