Bitcoin Price Analysis: BTC/USD will not hit $8,000 unless it falls to $5,000 first
|- Bitcoin price is facing growing selling pressure in the zone between $6,800 - $6,900.
- If the seller congestion zone at $7,000 is unconquered soon, BTC/USD will have no choice back to return to $5,000.
- Fresh buyer interest is expected in the region between $5,000 and $6,000; which is the boost BTC/USD requires to tackle $8,000.
Spot rate: $6,661
Relative change: -95
Percentage change: -1.36%
Trend: Bearish bias
Volatility: Expanding
BTC/USD daily chart
Bitcoin price attempt to climb the ladder above $7,000 was met by increased selling activities in the zone between $6,800 - $6,900. This left the psychological zone at $7,000 untested, however, the area remains critical to Bitcoin price near term trend. If Bitcoin continues to stay under $7,000, sellers’ confidence will continue to grow. At the same time, buyers’ exhaustion will become apparent, culminating in losses towards the support at $6,400.
Extended losses beneath $6,000 could trigger a fall to $5,000 in a bid to allow more buyers to enter and buy low. Bitcoin is not able to break above the zone at $7,000, despite the technical picture being healthy because fundamentals still lag. More buying entries will increase the trading volume placing BTC in a formidable rally towards $8,000.
Confluence detector support and resistance
Resistance one: $6,922 – Highlighted by the Bollinger band 15-minutes upper.
Resistance two: $7,130 – The pivot point one-month support two.
Support one: $6,574 – The SMA 100 1-hour and the Bollinger Band 1-hour lower curve converge here.
Support two: $6,366 – Highlighted by the Fibo 161.8% daily and the Fibo 23.6% weekly.
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