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

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 price7223
Today Daily Change35.11
Today Daily Change %0.49
Today daily open7187.89
 
Trends
Daily SMA207345.29
Daily SMA508134.97
Daily SMA1008647.12
Daily SMA2009367.03
 
Levels
Previous Daily High7294.86
Previous Daily Low7076.68
Previous Weekly High7770.78
Previous Weekly Low7082.55
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%7160.02
Daily Fibonacci 61.8%7211.51
Daily Pivot Point S17078.09
Daily Pivot Point S26968.3
Daily Pivot Point S36859.91
Daily Pivot Point R17296.27
Daily Pivot Point R27404.65
Daily Pivot Point R37514.45

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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