The Price of Bitcoin Likely To Go Below $7000
The price of BTC/USD is in a struggle for recovery over $7,200. Hence, there is still a likelihood of Bitcoin experiencing a breakdown under the support at $7,000.
In recent times, the price of BTC/USD declined under the support zone at $7,080. Further, the price established a level under $7,200, as well as the 100 hourly SMA.
It eventually visited the support at $7,000, thereby forming a fresh low in the month at $7,008. At the moment, BTC is into the consolidation of its losses over $7,000 and $7,020. It attained a low at $7,032 recently, and the first hurdle is close to $7,080.
The initial major hurdle for the price of Bitcoin against the USD is close to $7,120. Besides, a look at the hourly chart of Bitcoin against the USD revealed the formation of a selling trend line with a hurdle close to $7,120.
Hence, the price of Bitcoin must surge over the trend line as well as $7,120 to embark on a modest recovery. Likewise, on the same chart, the immediate resistances are close to $7,160 and $7,180 levels. A crucial observation is a necessity of having an upside break and a close over $7,200 for the beginning of a remarkable recovery.
A look at the downside reveals the first support close to $7,030 level, while the major support is close to the $7,000 level. The occurrence of a break and close under $7,000 is likely to strengthen the sellers.
If the bears are strengthened, there is a likelihood that the price will move below $7,000, as well as $6,900. The next support is close to $6,800 and a move under it will pave the way for a visit to the support zone at $6,500.
Featured image courtesy of Shutterstock. Source: CryptoPress.