Bitcoin Price Analysis: The price of one Bitcoin is equal to 1,500 barrels of oil today

Bitcoin pushes over 1% lower on Monday after another lacklustre session.
The price as broken below the wedge formation on the hourly chart.

BTC/USD 1-hour chart

Bitcoin has been pushing lower after breaking the wedge pattern marked in red on the hourly chart below. It seems that upside momentum has been capped recently despite the halving event coming up in May.

Even though the price has moved lower it could be worse. People usually associate volatility with cryptocurrencies but today oil traders have seen crypto-like moves in one of the worlds most traded commodities. In fact today you could buy 1,500 barrels of oil for the value of 1 bitcoin!

Getting back to the BTC chart below the next target for the bears could be the wave low of 6,920. If that level breaks then the next target on the downside might be the sext support zone at 6,748.20.

For the fortunes of the crypto major to change a break back in the pattern is needed and that would mean 7,100 would be retaken to the upside. The pair is far from that at the moment as the bearish signs are too dominant.

Additional levels

BTC/USD

Overview
Today last price	7048.36
Today Daily Change	-81.02
Today Daily Change %	-1.14
Today daily open	7129.38

Trends
Daily SMA20	6953.07
Daily SMA50	6914.37
Daily SMA100	8085.35
Daily SMA200	8002.32

Levels
Previous Daily High	7275.36
Previous Daily Low	7063.14
Previous Weekly High	7216.69
Previous Weekly Low	6466.49
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7144.21
Daily Fibonacci 61.8%	7194.29
Daily Pivot Point S1	7036.56
Daily Pivot Point S2	6943.74
Daily Pivot Point S3	6824.34
Daily Pivot Point R1	7248.78
Daily Pivot Point R2	7368.17
Daily Pivot Point R3	7460.99

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