Bitcoin Bears Rule as the Bulls Try to Keep It Afloat
Prices closed at $ 7,000; they continued to decline. The price hit levels below the $ 6,800 support zone, well below the hourly 100 SMA. The decline continued to push the price towards the $ 6,600 support level near the $ 6,500 support zone and made new lows near $ 6,565 during the month.
Currently, the price is in an upward correction and is above $ 6,600. However, resistance appears to be at $ 6,700. The hourly BTC versus US dollar chart display shows a new connecting line to the nearly $ 6,740 barrier.
Hence, the initial key resistance is approaching the two levels of $ 6,740 and $ 6,800. A break above $ 6,800 could lead to nearly $ 7,000 of resistance. The price must close above the $ 7,000 pivot level, and the 100 hour SMA should recover moderately and eventually move.
On the other hand, the price can maintain the downtrend below $ 6,600. Looking down reveals two notable supports at $ 6,500 and $ 6,200. Essential maintenance costs nearly $ 6,200 and is also a multi-month maintenance and obstacle zone.