The Possibility of Bitcoin Price to Drop below $7000

News / 16.12.2019

Currently, the BTC/USD pair is trying to overcome the hurdle of $7200. Additionally, the dominant coin is not safe from a drop under the $7000 support level. Not long ago, the BTC/USD’s price dropped to under the support zone of $7080. Furthermore, the price gave way for a level below $7200 and the 100 hourly SMA.

Its support got visited at $7000, creating a new low in the month at $7008. Currently, Bitcoin is in consideration of losing its control on the levels of $7000 and $7020. It attained a low of $7032 of late, and the first hurdle is close to $7080. Initially, the primary limitation for Bitcoin’s price against the US Dollar is close to $7120.

Examining the Hourly Chart of Bitcoin Against USD

An hourly analysis of Bitcoin’s chart against the USD showed the formation of a selling trend line with a hurdle close to $7120. In this case, the Bitcoin price must surge over the trend line and $7120 to embark on a modest recovery. Additionally, the immediate resistances are close to $7160 and $7180 levels on the same chart.

A critical observation is necessary to have an upside break and a close over $7200 for the beginning of an incredible recovery. A look at the downside reveals the first support level close to $7030, while the next significant support close to $7000.

The occurrence of a break and close under $7000 may strengthen sellers. If the bears get the upper hand, there is a likelihood that the price will go below $7000 and $6900. The next support is close to $6800, and a move below it will pave the way to visit the support zone at $6500.

avatar
Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.