TRENDING:

GBP/USD

XAU/USD

Bitcoin Technical Analysis: BTC/USD primed for losses as $6,000 beckons

Technically, Bitcoin price downward momentum is still in full swing and targets $6,000 and $5,000, respectively.
The RSI recovery falls short of the average (50), resumes the downtrend as selling pressure mounts in the market.

John Isige FXStreet

Spot rate: $7,197

Relative change: 9.51

Percentage change: 0.13%

Volatility: Low

BTC/USD weekly chart

The long term falling wedge pattern suggests that Bitcoin will soon hit rock bottom and forge a recovery rally.

The most likely formidable support for BTC remains to be the 200 SMA in the weekly timeframe.

BTC/USD daily chart

Bitcoin continues to disintegrate within a descending channel whose support and resistance has been tested multiple times.

The death cross-impact is still being felt strongly as Bitcoin struggles to stay above $7,200.

BTC/USD

Overview
Today last price	7223
Today Daily Change	35.11
Today Daily Change %	0.49
Today daily open	7187.89

Trends
Daily SMA20	7345.29
Daily SMA50	8134.97
Daily SMA100	8647.12
Daily SMA200	9367.03

Levels
Previous Daily High	7294.86
Previous Daily Low	7076.68
Previous Weekly High	7770.78
Previous Weekly Low	7082.55
Previous Monthly High	9580.19
Previous Monthly Low	6526.82
Daily Fibonacci 38.2%	7160.02
Daily Fibonacci 61.8%	7211.51
Daily Pivot Point S1	7078.09
Daily Pivot Point S2	6968.3
Daily Pivot Point S3	6859.91
Daily Pivot Point R1	7296.27
Daily Pivot Point R2	7404.65
Daily Pivot Point R3	7514.45

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

AAVE slips below $186 as bearish signals outweigh the SEC investigation closure

Aave (AAVE) price continues its decline, trading below $186 at the time of writing on Wednesday after a rejection at the key resistance zone. Derivatives positioning and momentum indicators suggest that bearish forces still dominate in the near term.

Hyperliquid stabilizes amid plans to burn assistance fund

Hyperliquid (HYPE) stabilizes above $26 at press time on Wednesday after three straight days of losses. Hyperliquid Foundation has started a validator vote to reduce supply by burning the assistance fund, which holds over 37 million HYPE tokens.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple extend correction as bearish momentum builds

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction.

Ethereum Price Forecast: Active addresses plunge to May levels amid resumption in US selling pressure

Ethereum (ETH) weekly active addresses have plunged sharply in December, declining from 440K to 324K, levels last visited in May. The decline in active addresses has also pushed down the number of transactions on the network to July lows.

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: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

BTC/USD weekly chart

BTC/USD daily chart

BTC/USD

Legal Text

Markets move fast. We move first.

Editor's Picks