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Bitcoin technical analysis: BTC/USD bulls ignore the slump to $7,400 to focus the potential rally

  • Bitcoin bears ruthlessly forced Bitcoin through key support levels to refresh lows around $7,400.
  • The short-term trend remains bearish but bulls remain optimistic of a potential end-year rally.
Bitcoin technical analysis: BTC/USD bulls ignore the slump to $7,400 to focus the potential rally
John IsigeJohn IsigeFXStreet

Spot rate: $7,598

Relative change: -16

Percentage change: -024%

Trend: Bullish

Volatility: Expanding

BTC/USD daily chart

Bitcoin price forms yet another falling triangle pattern giving investors hope that recovery is very possible.

The MACD returns into the negative region; the bearish cross signals the high presence of sellers.

BTC/USD 4-hour chart

Bitcoin's lower low pattern continues as bears explore how deep the rabbit hole goes.

The formation of a double-bottom pattern suggests that Bitcoin’s recovery in brewing.

BTC/USD

Overview
Today last price7605.44
Today Daily Change-10.35
Today Daily Change %-0.14
Today daily open7615.79
 
Trends
Daily SMA208764.61
Daily SMA508502.58
Daily SMA1009270.55
Daily SMA2009320.52
 
Levels
Previous Daily High8114.54
Previous Daily Low7393.27
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%7668.79
Daily Fibonacci 61.8%7839.01
Daily Pivot Point S17301.19
Daily Pivot Point S26986.6
Daily Pivot Point S36579.92
Daily Pivot Point R18022.46
Daily Pivot Point R28429.14
Daily Pivot Point R38743.73

 

 

 

Author

John Isige

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

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