Bitcoin Price Analysis – BTC/USD Holding Support At $7,000

Bitcoin Price Analysis
This morning, BTC price fell just below the $6,000 mark, but it rebounded soon after and even rose to a daily high of $7,418.89. Currently, it is trading at about $6,996.27 as of 1PM EST. As mentioned yesterday, a major support level was established at $7,000, and today’s movement shows that BTC was able to hold this support for a while. For the following hours, it’s unlikely for BTC to head back down to its daily low again, but a new support could be set at around $6,800 for another bounce up.

BTC/USD Holding Support shows one thing:

Bitcoin’s fall might be slowing down, though investors will need to be more patient for any long-term gains. At the time of writing, BTC has been on an upward trend and the $6,800 support has been tested. A new resistance level (for the rest of the day) is formed at approximately $7,200 — this is the level investors should look out for. Interestingly, the bounce up corresponded to the crossover formed by the MACD and signal lines. As well, the RSI is showing that BTC is in a bullish zone. BTC/USD holding support Source: Tradingview

Looking at the technical indicators:

  • MACD — this indicator is showing a bullish sign as the signal line crosses the MACD line
  • Volume — volume is relatively flat, which can be both good and bad, but at least this means that a mass sell-off is not taking place
  • New resistance level — $7,200
  • Major support level — $6,800
Featured Image: twitter

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