- 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
-637208857170207323.png)
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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP gains as traders gear up for futures ETFs debut this week
XRP climbs over 3% on Monday, hovering around $2.33 at the time of writing. The rally is likely catalyzed by key market movers like XRP futures Exchange Traded Funds (ETFs) approval by the US financial regulator, the Securities and Exchange Commission (SEC), and a bullish outlook.
Bitcoin Price Forecast: BTC eyes $97,000 as institutional inflow surges $3.06 billion in a week
Bitcoin (BTC) price is stabilizing above $94,000 at the time of writing on Monday, following a 10% rally the previous week. The institutional demand supports a bullish thesis, as US spot Exchange Traded Funds (ETFs) recorded a total inflow of $3.06 billion last week, the highest weekly figure since mid-November.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.