Bitcoin Price Testing Critical Support, Can The Bulls Win

Bitcoin price sharply fell in the global market after hitting the major resistance at $7640.2. From that level, the BTC/USD pair started its bearish correction. The pair found some decent support at $7166.8. Any bullish price action signal might bring the bitcoin price towards the critical resistance at $7640.2.

A daily closing of the price above that resistance level might push towards the next resistance at $8091.5. Breaking above this level might be tough for the BTC/USD bulls due to plenty of resistance candles. However, the daily closing of the price above the $8091.5 might result in a strong rally in bitcoin price.

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On the downside, we need a break below the support at $7166.8 to experience bearish action. Break of that support level might push the bitcoin price towards the next support at $6893.0. This level might provide some buying momentum. However, bitcoin price breaking below this level might target the low of 24th November at $6626.7. Clearing this support might require a fundamental catalyst.

On the contrary, the recent dovish statement from the FED officials might refuel the BTC/USD bulls in the global market. If the recent drop in bitcoin price gets haled by the support at $7166.8, we might see another extend the bullish rally. But the traders advised staying cautious since the market might cease its volatility to a great extent due to the upcoming Christmas holiday.Download our latest quarterly market outlook for our longer-term trade ideas.

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