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Bitcoin – BTCUSD Capped Below $7,300

Bitcoin price BTCUSD

Bitcoin – BTC is under selling pressure as the bears looking for a break below the $7,000 mark. BTCUSD failed to surpass the $7,300 level the last trading session and a test of the strong resistance at $7,000 looks possible.

Bitcoin – BTC today is 1.18% lower at $7,094.25, the market cap stands at 129.13 billion. Trading volumes for the last 24 hours has reached 18.99 billion. The 100 major cryptocurrencies market cap is 189.34 billion.

Ethereum (ETHUSD) the second-largest cryptocurrency by market cap trades 0.91% lower at $129.30, while LTCUSD trades 0.59% lower at $41.50.

Read our Best Trading Ideas for 2020.

Bitcoin – BTCUSD Technical Levels to Watch

Bitcoin – BTCUSD downtrend move is intact after the rejections first at 7,600 and then at 7.300 zones. Now the bears need a break below the 7,000 mark that might initiate another leg lower.

The descending triangle formed since the December 22nd session is giving a target to the downside around the 6,500 level. The lower bound from the triangle is around 7,060.

First resistance for the bitcoin stands at 7,069 the daily low. The strong support at the 7,000 round figure is the next critical point. Several times the last trading days from the 7,000 mark bitcoin managed to rebound. In case the bitcoin breaks below, then the downtrend might accelerate targeting the next target to the downside at 6,600 the low from December 17th.

On the flip side, bitcoin immediate resistance stands  $7,184 the daily top. The 7,309 top from December 31st is the next supply zone. If bitcoin moves higher it will face the resistance at the $7,420 the 50-day moving average.