Bitcoin – BTCUSD Under Pressure Below $7,500

Bitcoin – BTCUSD seesaws around $7,200 level after the recent failed attempt at $7,500 as it is trapped between $7,120 and $7,500 zone. The correction from 7,500 gave the bears the upper hand and now look for a break below the 7,120 to take full control of the short term trend.

Bitcoin – BTCUSD today is 0.01% higher at $7,224, the market cap stands at 131.95 billion. The 100 major cryptocurrencies market cap is 193.38 billion.

ETHUSD the second-largest crypto-currency by capitalization trades 0.60% higher at $131.84, while LTCUSD trades 0.19% higher at $42.34.

Read our Best Trading Ideas for 2020.

Bitcoin – BTCUSD Technical Analysis: All Eyes on 7,000 Support Zone

Bitcoin – BTCUSD bulls attempted many times the last trading sessions to generate an upward move but overwhelmed by intense selling pressure above the $7,500 mark. The failed attempts suggest that the bulls don’t have the power to start a leg higher.

Bears to initiate a downtrend first need to surpass the daily low at $7,174 and then need a close below the 7,000 mark. In case that we have a break below, then the downtrend might accelerate targeting the next support level at 6,600 the low from December 17th.

On the upside, Bitcoin – BTCUSD in order to regain the bullish momentum needs to recover the $7,247 the daily high. Next resistance for Bitcoin stands at $7,384.90 the top from yesterday;s session. If BTCUSD moves higher it will face the resistance at the $7,487 the 50-day moving average. A credible settlement above will pave the way for the next resistance at 7,691 the high from December 23nd.

Don’t miss a beat! Follow us on Telegram and Twitter.

More content