Bitcoin Price (BTC) Downtrend Intact, Bulls Facing Hurdles
Bitcoin price is trading in a downtrend below the $7,185 and $7,280 resistance levels. BTC to USD is likely to accelerate lower below the $7,010 support area.
Key Takeaways: BTC/USD
- Bitcoin price is showing signs of more losses below the $7,185 resistance against the US Dollar.
- BTC/USD is facing a strong resistance near $7,185 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
- Ethereum is now struggling to stay above the $140.50 support area.
Bitcoin Price Analysis
In the past few days, bitcoin price remained in a downtrend below the $7,375 and $7,280 levels. BTC to USD even broke the $7,185 support level to move further into a bearish zone.
Looking at the 2-hours chart, bitcoin even failed to stay above $7,100 and the 50 simple moving average (2-hours, purple). Finally, the price traded close to the $7,000 support and a low was formed near $7,004.
The price is currently consolidating losses above $7,000. An initial hurdle is near the $7,155 level and the 50 simple moving average (2-hours, purple). It is also close to the 50% Fib retracement level of the recent slide from $7,300 to $7,004.
The next hurdle is seen near the $7,185 level. Moreover, it seems like bitcoin price is facing a strong resistance near $7,185 and a bearish trend line on the 2-hours chart.
Besides, the 61.8% Fib retracement level of the recent slide from $7,300 to $7,004 is near the $7,187 level. Therefore, an upside break above the $7,155 and $7,185 levels is needed for a decent start of a recovery.
The next major resistance is near the $7,280 level, which is the last breakdown zone. Any further gains could start a solid increase above the $7,300 and $7,350 levels in the near term.
On the other hand, bitcoin price could fail to climb above $7,155 or $7,280. In the mentioned case, there are high chances of more losses below the $7,010 support and the $7,004 swing low. The next major support is near the $6,840 and $6,800 levels.