Might Bitcoin Prices be Heading towards a Decrease?
Bitcoin price is predicting selling continuation under $ 6800. This mainstream cryptocurrency may be focusing on getting support at the value of $ 6500 or $ 6200.
When Bitcoin support was at $ 7000, the sellers gained some momentum. Therefore, the BTC price declined to below the support at $ 7000 and created a level under the 100 hourly SMA.
The price decreased by almost 4 % and was able to break the support zone at $ 6880. Hence, the formation of a new low in the month close to $ 6800, and the price is now into consideration of its losses.
Analyzing the Hourly Chart of Bitcoin Against USD
A look at Bitcoin’s hourly chart against the USD shows that the first hurdle is close to $ 6880. A crucial observation is the formation of a short term contracting triangle with a limitation close to $ 6880 0n the same chart.
In this case, a surge of over $ 6880 may begin a short term upside retracement. The immediate hurdle is close to $ 6980. However, a key hurdle got observed close to $ 7000 and $ 7015, which is currently the breakdown zone. The price needs a daily close of over $ 7015 to start a recovery soon.
Nonetheless, there is a likelihood of the price falling below $ 6840 and $ 6820. The crypto’s ability to break the $ 6800 low could strengthen the bears to target levels close to $ 6600 and $ 6500. More declines could take the price towards the significant support zone at $ 6200, where there is a likelihood of the buyers taking over.