BTC Price at Critical Level for Future Trends
The BTC/USD pair is struggling to stay above the support at $7.12k and $7k. The price needs to recover over $7.24k and $7.4k if it does not experience a remarkable fall.
In the past three days, the BTC/USD pair’s price steadily moved to the downside, from resistance at $7.7k. The pair’s price further moved to the downside by breaking critical supports at $7.4k and $7.3k. It established a level under $7.3k as well as the 100 hourly SMA.
The price is currently where it can lose its defense over the supports at $ 7.12k and $ 7.16k. Additionally, there was the formation of a low around $7.117 and now retracing to the upside.
Checking BTC Hourly Chart
The BTC/USD hourly chart reveals that the first resistance is around $7.24k. Additionally, the chart shows two bearish trend lines with resistance $7240 and $7400, and a hurdle at $7.3k, and the 100 hourly SMA is between the two trend lines.
There could be an upsurge after the close over resistance at $ 7.4k. An immediate key handle 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, and the bulls’ inability to take hold of $7120 support may lead to a quick breakdown below $7k. The immediate supports are around $ 6800 and $ 6600.