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Bitcoin technical analysis: BTC/USD bulls must break $7500 or be hit by harsh rejection

  • Bitcoin price is trading in negative territory, down some 0.90% in the second half of the session. 
  • BTC/USD has aggressively been within the control of the bears since 27 October. 
  • A rejection at $7500, strong daily resistance, could prove to be punishing. 
Bitcoin technical analysis: BTC/USD bulls must break $7500 or be hit by harsh rejection
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price is running towards its fourth consecutive week in the red, following a failure to hold the $10,000 mark. 

BTC/USD daily chart

The price could now likely have some issues being stuck between two critical areas, $7500 resistance and $6500 support.

Spot rate:                  7072.26

Relative change:      -0.70%

High:                          7341.33

Low:                           7023.51

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

More from Ken Chigbo
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