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    Bitcoin Price (BTC) Crashes To $7K, Upsides Remain Capped

    Bitcoin price crashed in the past three sessions below the $7,680 and $7,520 support levels. BTC to USD is currently under a lot of pressure and upsides are likely to face sellers near $7,325 or $7,520.

    Key Takeaways: BTC/USD

    • Bitcoin price is down close to 10% and tested the $7,000 zone against the US Dollar.
    • BTC/USD is facing many hurdles near $7,325, $7,520, $7,710 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
    • Ethereum is down more than 12% and bitcoin cash tumbled towards $200.00.

    Bitcoin Price Analysis

    In the past two days, there was a sharp decline in bitcoin price below the $7,990 and $7,710 support levels. The recent decline in BTC to USD was strong and gained pace below $7,520.

    Bitcoin Price Analysis

    Looking at the 2-hours chart, bitcoin even settled below the $7,500 support area and the 50 simple moving average (2-hours, purple). The recent dive was initiated after the price broke a rising channel with support near $7,520.

    It opened the doors for more downsides below $7,200. Finally, the price tested the $7,000 support and a new monthly low was formed near the $6,938 level. Bitcoin is currently correcting higher and trading above the $7,050 level.

    Moreover, it is testing the 23.6% Fib retracement level of the recent slide from $7,712 to $6,938. On the upside, there are many resistances near the $7,200 and $7,300 levels.

    The first key resistance is near the $7325 level since it is the 50% Fib retracement level of the recent slide from $7,712 to $6,938. The next major resistance is near the $7,520 (the recent breakdown support).

    Finally, there is a major bearish trend line forming with resistance near $7,800 on the same chart. Therefore, a clear break above the $7,520 resistance won’t be easy in the near term.

    On the downside, an initial support is near the $7,000 handle. If bitcoin price fails to stay above the $7,000 support, there is a risk of another decline towards the $6,800 and $6,740 levels. The next major support area is seen near the $6,600 level.

    Live Bitcoin (BTC) Price:

    1 BTC/USD =$6,125.7961 change ~ -1.10%

    Coin Market Cap

    $112.06 Billion

    24 Hour Volume

    $5.43 Billion

    24 Hour VWAP

    $6.23 K

    24 Hour Change

    $-67.3537

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    Avatar
    Aayush J
    Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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