Bitcoin is showing a few bearish signs below the $7,400 resistance area against the US Dollar. BTC price is currently declining and it could extend its weakness towards $7,100 or $6,800.
Bitcoin is struggling to clear the $7,400 and $7,500 resistance levels against the US Dollar.
The bears are slowly taking control and they are likely aiming a test of $7,000.
There was a break below a crucial bullish trend line with support near $7,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct sharply towards the $7,100 support or $6,800.
Bitcoin Could Correct Lower
In the past two days, bitcoin bulls made more than two attempts to gain strength above the $7,400 and $7,500 levels against the US Dollar, but they failed. BTC price seems to be forming a short term topping pattern near the $7,440 level.
The last swing high was below $7,440 and the price is now trading below the 23.6% Fib retracement level of the upward move from the $7,080 low to $7,429 swing high.
More importantly, there was a break below a crucial bullish trend line with support near $7,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below the $7,280 level.
Bitcoin Price
An immediate support is near the $7,255 level. It is close to the 50% Fib retracement level of the upward move from the $7,080 low to $7,429 swing high. If there is a clear break below the $7,255 level, the bears are likely to take control in the short term.
The next major support is near the $7,150 level and the 100 hourly simple moving average, below which the bulls are likely to protect the $7,100 support area.
If the bulls fail to hold the $7,100 support area, the price is likely to continue lower below $7,000. The next stop for the bears may perhaps be $6,800.
Key Breakout Zone
On the upside, bitcoin is facing a strong resistance near the $7,400 and $7,500 levels. Therefore, the bulls need to gain momentum above the $7,500 zone.
If there is a successful break and close above $7,500, the price is likely to continue higher above $7,600. The next major resistance is near $7,800, above which the bulls could aim a test of $8,000.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $7,150 followed by $7,100.
Major Resistance Levels – $7,400, $7,500 and $7,800. origin »
Even though the cascading liquidation risk is below its peak levels, Bitcoin $BTC is facing considerable resistance while seeking a rise in open interest (OI).
Key Takeaways
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Bitcoin price started another increase above the $60,500 resistance. The Fed reduced rates by 0. 50%, sparking a bullish wave in BTC toward $62,500. Bitcoin is gaining pace above the $60,200 resistance zone.
Bitcoin is under pressure and struggling to peel back losses from early this week. Even with prices stabilizing in the last day, the path of least resistance is southwards for now. For the trend to shift, there must be a convincing close above the local resistance at around $66,000.
An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.
Bitcoin price extended gains above the $68,000 resistance level. BTC bulls seem to be in action, and they might aim for a move toward the $70,000 level. Bitcoin started a fresh increase above the $66,500 resistance zone.
Bitcoin price extended its increase above the $67,500 resistance. BTC tested the $68,000 resistance and is currently correcting gains. Bitcoin started a downside correction after it climbed toward the $68,000 resistance zone.
Bitcoin price started a steady increase above the $62,500 resistance. BTC is again struggling to clear the $64,500 and $65,000 resistance levels. Bitcoin is showing positive signs and facing hurdles near $64,500.
Bitcoin price failed to settle above the $72,000 resistance. BTC corrected gains and now moving lower toward the $67,500 support zone. Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.
Bitcoin price is again rising above the $70,000 resistance zone. BTC seems to be setting up for a steady increase above the $71,500 resistance zone. Bitcoin price is climbing higher and above the $70,000 resistance zone.
Bitcoin price is attempting a fresh increase above the $52,000 resistance. BTC must clear the $52,800 resistance to continue higher in the near term. Bitcoin price is gaining pace above the $52,800 resistance zone.
Bitcoin price is up over 5% and it broke the $40,000 resistance. BTC is rising and might soon climb higher toward the $42,000 resistance. Bitcoin broke the $38,500 resistance zone and surged above $40,000.
Bitcoin price trimmed all losses and climbed above $37,000. BTC is now eyeing a major upside break above the $37,750 and $38,000 resistance levels. Bitcoin is showing positive signs and testing the $37,750 resistance.
Bitcoin price rallied further above the $37,200 resistance zone. BTC is now consolidating and might aim for more upsides above the $37,600 resistance zone. Bitcoin started a strong increase above the $37,200 resistance zone.
Bitcoin price cleared the key $35,000 resistance. BTC is showing positive signs and might rally toward the $36,200 and $37,000 levels in the near term. Bitcoin is gaining pace above the $35,000 resistance.
Crypto analyst Jason Pizzino said in a recent YouTube video that Bitcoin has broken above a key monthly resistance level for the first time since the 2018 bear market.
Bitcoin price started a downside correction from the $35,000 resistance. BTC could start a fresh increase unless there is a move below $32,800. Bitcoin rallied toward the $35,000 resistance before the bears appeared.
Bitcoin price trimmed yesterday’s losses and climbed above $26,500. BTC is now again facing strong resistance near the $27,400 zone. Bitcoin started a fresh decline after it dived toward the $25,500 support.
Bitcoin price is recovering and trading above $29,000. BTC is slowly moving higher and the bulls might soon aim for a move toward the $30,000 resistance. Bitcoin is attempting a recovery wave above the $28,800 resistance zone.
Bitcoin price started a fresh increase above the $29,000 resistance. BTC could rally if there is a clear move above the $30,000 resistance. Bitcoin is moving higher above the $28,800 and $29,000 resistance levels.
Bitcoin price found support near $29,200 and recovered losses. BTC must clear the $30,500 resistance to continue higher in the near term. Bitcoin started a fresh increase from the $29,200 support zone.
Bitcoin price started a consolidation phase below the $28,800 resistance. BTC is struggling and might face heavy selling interest above $28,500 and $28,800. Bitcoin is slowly moving lower and trading well below the $28,800 resistance zone.
Bitcoin price failed to clear the $28,800 resistance. BTC is correcting gains, but downsides might be limited below the $27,550 support zone. Bitcoin started a downside correction after it failed to clear the $28,800 resistance zone.
The world’s leading cryptocurrency, Bitcoin (BTC), has faced a significant resistance level of $28,600 for the past two weeks. However, despite local headwinds, Bitcoin’s natural volatility and ability to reach new local highs indicate that the resistance cluster is on the verge of breaking.
Bitcoin price is attempting a recovery wave above the $27,000 resistance. BTC could gain bullish momentum if it clears the $27,700 resistance zone. Bitcoin is slowly moving higher from the $26,500 support.
Bitcoin price trimmed all losses and climbed above $28,000. BTC must clear the $28,500 resistance zone to start a steady increase in the coming sessions. Bitcoin is moving higher above the $28,000 resistance.
Bitcoin price is attempting an upside break above the $28,500 resistance zone. BTC could rally if there is a close above the $28,500 resistance zone. Bitcoin is gaining pace above the $28,000 resistance.
Bitcoin price surged above the $28,000 resistance zone. BTC is correcting gains, but dips might be limited below the $26,200 support zone. Bitcoin is up over 20% in a few days and there was a move above the $28,000 resistance.
Bitcoin price is again gaining pace above the $25,000 resistance. BTC could rise further if it clears the $26,500 resistance zone. Bitcoin is moving higher and gaining pace above the $25,200 resistance.
Bitcoin price is attempting a recovery wave above the $22,250 resistance. BTC is rising, but it might face hurdles near the $23,000 resistance zone. Bitcoin is attempting a recovery wave above the $22,250 resistance zone.
Bitcoin price is still well below the $23,650 resistance. BTC could gain bullish momentum if it is able to clear the $24,000 resistance. Bitcoin is still struggling to make a move above the $23,600 resistance zone.
Bitcoin price started another increase above the $23,000 resistance. BTC is rising and the bulls might aim a test of the $25,000 resistance zone. Bitcoin is gaining pace above the $23,500 resistance zone.
Bitcoin price extended its increase and surged above $18,000. BTC is gaining pace and might rise towards the $19,000 resistance zone. Bitcoin extended its rise above the $17,500 and $18,000 resistance levels.
Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone. Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.
Bitcoin price is attempting an upside break above $16,800. BTC could start a decent increase if it clears the $16,800 and $17,000 resistance levels. Bitcoin is still facing a strong resistance near $17,000 and $17,200.
Bitcoin price is still struggling below $17,000. BTC remains at a risk of a fresh decline unless there is a clear move above the $17,200 resistance zone. Bitcoin is facing a strong resistance near $17,000 and $17,200.
Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin recovered higher above the $16,800 resistance zone.
Bitcoin price gained pace above the $17,500 resistance after the US CPI release. BTC tested the $18,000 resistance and might correct lower in the short-term. Bitcoin was able to clear the $17,450 and $17,500 resistance levels.
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