Bitcoin Price at Key Crossroads
BTC/USD pair is trying to stay over the support at $7.12k and $7k. If the price will not experience a remarkable fall, it needs to recover over $7.24k and $7.4k.
The price of the pair moved to the downside steadily from the resistance at $7.7k within the past three days. It moved further to the downside by breaking key supports around $7.4k and $7.3k.
It established a level under $7.3k as well as the 100 hourly SMA. Right now, the price is where it can lose its defense overthe supports at $7.12k as well as $7.16k. There was the formation of a low around $7,117 and now retracing to the upside.
On the hourly chart of Bitcoin against the USD, the first resistance is around $7.24k. Likewise on the same chart, twobearish trend lines with resistance are $7,240 and $7,400 wereobserved. A hurdle at $7.3k and the 100 hourly SMA is between the two trend lines.
There could be an upsurge after a close over the resistance at $7.4k. An immediate key hurdle is around $7.5k, and the ability to surge over it may push the price to the hurdle zone at $7.7k.
A major support is at $7.12k. The inability of the bulls to take hold of $7,120 support may lead to a swift breakdown under $7k. The immediate supports are around $6,800 and $6,600.
Featured image courtesy of Shutterstock. Source: Cryptopress.