Bitcoin Vulnerable To A Nasty Drop Unless It Claims $7K

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[NEWS BLOG]: Bitcoin Vulnerable To A Nasty Drop Unless It Claims $7K

Bitcoin Facing Hurdles

In the past few sessions, bitcoin remained well bid above the $6,400 support area against the US Dollar. BTC price even climbed above the $6,800 resistance and settled above the 100 hourly simple moving average.

However, the bulls seem to be struggling near the $7,000 resistance area. There is likely a double top pattern forming with resistance near $7,000. The last swing high was formed near $6,989 before the price corrected lower.

There was a break below the 23.6% Fib retracement level of the main rise from the $5,750 swing low to $6,989 high. On the downside, the $6,500 area is acting as a strong support.

The main neckline support for bitcoin is near the $6,400 level and the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the main rise from the $5,750 swing low to $6,989 high.


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  • Strong performances in traditional assets and a lack of new reasons to buy crypto is suppressing BTC’s price.
  • A loss of the 50-day moving average exposes the $8,000 price level.
  • The daily RSI shows that momentum slowing, which could hint at greater selling pressure in the short term.

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