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Bitcoin BTCUSD Retreats But Holds the 7,000 psychological level

Bitcoin BTC

Βitcoin – BTCUSD retreats today after the short rebound from six-month lows giving up 0.55% at 7,120. The sell-off in virtual currencies started last Friday after the warning from PBOC that cryptocurrencies remain unauthorised, illegal public financing and investors must be careful on virtual currencies.

Bitcoin capitalization recovered from 121.46 billion the lowest level since May to 129,91 billion, while the capitalization of the 100 biggest cryptocurrencies stands at 196.17.

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Bitcoin Technical Analysis

BItcoin managed to rebound over 10% from six-month low and climbed back to 7,000 mark giving a deep breath to bulls. The RSI 14 on the daily chart also rebounded from deep oversold level at 20 to 28.91. Cryptocurrency prices momentum is bearish despite the recent rebound.

On the downside, immediate support for BTCUSD stands at $7,040 the daily low while the 7,000 mark is a critical support zone, a break below that psychological level will open the way for a test at 6,534 recent lows. Next level to watch on the downside for crypto traders is the $5,705 low from May 8th.

On the other hand, the number one cryptocurrency will face the resistance at $7,190 the daily high, in case BTCUSD breach that level the next target is the 7,400 area where bitcoin rejected the previous four sessions. Next target for bulls is the 8,000 psychological level. Bitcoin is hovering in oversold area so a sharp rebound can’t be ruled out.More content