Bitcoin price analysis: BTC/USD bulls push past $7,000 critical resistance
|- Bitcoin bulls wake up from slumber as Bitcoin smashes above $7,000.
- The resistance at $7,400 and $7,600 must come down to leave the path to $8,000 in the clear.
A ray of hope is shining above the cryptocurrency market on Tuesday. The majority of the cryptoassets are in the green after a strenuous few days. Bitcoin, in particular, is trading at $7,139 after adjusting from intraday highs of $7,157. BTC/USD kicked off the day’s trading around $7,125 and has touched a low at $7,123. Amid the expanding volume, Bitcoin’s trend is turning bearish according to the cryptocurrency live rates.
The recovery staged from lows at $6,534 shot above several resistance zones, including $6,800, $7,000, and $7,200. Attempts to push past the 50% Fibo of the last drop from $8,236.53 to a low around $6,534.80, failed to materialize. Instead, Bitcoin is gravitating towards $7,000.
The 50 SMA protects the immediate downside on the 1-hour chart. The former resistances at $7,000 and $6,800 are now functioning support areas. The RSI is grinding back to 50 after failing to break into the overbought. On the upside, the pressure is felt at the 38.2% Fibo (100 SMA), 50% Fibo at $7,400) and $7,600.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.