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Bitcoin (BTCUSD) Bears Targeting the $7,000 Mark

Bitcoin BTCUSD
Bitcoin BTCUSD

Βitcoin – BTCUSD started the week lower trading 0.45% lower at $7,083.18 as bears are controlling the number one cryptocurrency. BTCUSD trades close to seven-month lows as the recent rebound above $7,500 stalled at $7,800 zone. Bitcoin trading volumes had return back to typical averages after a spike in volumes last week. The previous 24 hours the volume has reached 17.39 billion.

Bitcoin market cap stands at 128.40 billion, while the total crypto market capitalization is 193.29.

Central Banks Looking to Enter Crypto Market

People’s Bank of China (PBOC) is leading the race to develop a primary cryptocurrency. European Central Bank also discusses ways in creating a central bank digital currency (CDBC) to get an early advantage on the cryptocurrency race.

Read our Best Trading Ideas for 2020.

Bitcoin – BTCUSD Tests $7,000 Again

Bears yesterday made another attempt to break below the 7,000 mark but failed to overwhelm the bids and rebounded up to $7,200. Today the pressure continues with another move toward $7,000 as the momentum is bearish for BTCUSD.

In the daily chart, the immediate support for bitcoin will be met at $7,028 the daily low, while the next target is the $7,000 psychological mark. If there is a convincing break of that critical level then sellers might push the price down to $6,534 the low from November 25th. Bears next might test the strong support at  $5,705 the May 2019 lows. Sellers Are in control as long as the crypto pair trades below $7,400, while those who are looking to add to short positions might wait for a break below 7,000.

On the weekly chart the techinical outlook deteriorates as we have an extra negative signal , the bitcoin trades below the 100-week moving average.

Bitcoin – BTCUSD Resistance Levels

On the upside, minor resistance for bitcoin stands at $7,124 the daily top. If bitcoin manages to breach that level, then buyers will target the December 14th top at $7,294. Bitcoin BTCUSD on the upside needs to clear the active offer zone at $7,500 to attract more bids.

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