Bitcoin Price Analysis: BTC Continues To Be Resilient As Economy Tanks – Are We Headed Above $7,000 Next?
- Bitcoin dropped by a total of 4% over the past 24 hours but managed to find support at $5,786 as it bounces back above $6,000.
- The cryptocurrency is holding strong whilst the world economy continues to collapse.
Bitcoin fell by a total of 4% over the past 24 hours of trading. It had dropped much further lower but managed to find strong support at $5,786 which allowed the cryptocurrency to rebound higher and break back above $6,000.
The cryptocurrency is proving to be extremely resilient as it continues to stabilize whilst the rest of the economy around the world continues to fall further lower.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can see that bitcoin failed to close above the resistance at $6,175 again which caused the market to roll over yesterday and fall. Luckily, it found support at our previously highlighted .5 Fibonacci Retracement level which is priced at $5,786.
The cryptocurrency rebounded from here to climb back above $6,000 as it currently trades at around $6,088.
Short term prediction: NEUTRAL
Bitcoin remains neutral and would need to close above $6,500 before we can consider a very short term bullish trend.
Toward the upside, the first level of strong resistance lies at $6,175. The coin has struggled with this resistance over the past 4-days of trading and failed to close above here on each attempt. Above this, resistance lies at $6,542 (bearish .5 Fib Retracement) and $7,000.
If the buyers continue to drive even further above $7,000, resistance lies at $7,100, $7,174 (bearish .618 Fib Retracement), and $7,270.
On the other side, support is located at $5,786. This is followed with support at $5,600, $5,500, and $5,467 (.618 Fib Retracement).
Key Levels
Support: $5,911, $5,786, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436..
Resistance: $6,174, $6,542, $6,700, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
