Bitcoin price prediction: Lack of healthy support levels could see BTC/USD drop even further


  • Strong resistance level lies at $7,265, preventing further upward movement.
  • BTC/USD plummeted from $7,491.40 to $7,197.50 in just one hour.

BTC/USD bears came out on top for the fifth straight day, going down from $7,305.45 to $7,232 this Wednesday. The hourly breakdown shows us that Bitcoin plummeted from $7,491.40 to $7,197.50 in just one hour. As per the daily confluence detector, there are no healthy support levels on the downside, indicating that a further price drop may be around the corner. On the upside, there is a strong resistance level at $7,265, which the buyers need to overcome to reverse market momentum.

BTC/USD daily confluence detector

fxsoriginal

The $7,265 resistance level has the one-day Previous Low and one-month Fibonacci 23.6% retracement level.
 

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