Bitcoin Price Analysis: BTC Drops Back Beneath $7,000 But Will It Stay Here With Block Halving In Just 30-days?

Yaz Sheikh Price Analysis PublishedApril 11, 2020 | ModifiedApril 11, 2020

Bitcoin BTC
Image Courtesy of PXFuel

Bitcoin Price Analysis: BTC Drops Back Beneath $7,000 But Will It Stay Here With Block Halving In Just 30-days?

  • Bitcoin dropped by a total of 5% today as the cryptocurrency falls beneath $7,000.
  • Bitcoin was struggling with the resistance at $7,400 over the last 4-days which caused it to roll over and drops as low as $6,800 today.

Bitcoin rolled over today as it dropped by a total of 5%, causing it to fall back beneath the $7,000 and drop as low as $6,765 before rebounding higher. The cryptocurrency found strong support at this level around $6,800 which had provided much resistance previously.

The cryptocurrency is in a critical position right now with the next few days dictating the direction that it will head over the next 2 weeks. A drop beneath $6,800 could be detrimental to Bitcoin as it would lead the cryptocurrency back toward the $6,000 level. However, with the upcoming Bitcoin halving in 30-days, it is unlikely that Bitcoin will remain beneath $7,000 for very long.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USd. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can clearly see Bitcoin struggling at the $7,400 level over the past 4-days of trading. It rolled over today to drop beneath support at $7,174 and $7,000 to reach the current support at $6,800.

More specifically, we can see Bitcoin actually found support at $6,765 which is provided by a short term .236 Fibonacci Retracement level.

Short term prediction: Bullish

Bitcoin still remains bullish in the short term but a break beneath $6,800 would turn it neutral.

If the sellers do push beneath $6,765, we can expect support at $6,500, $6,320 (.382 Fib Retracement), $6,200, and $6,000.

On the other side, resistance lies at $7,000, $7,174, $7,400, $7,676, and $8,000. 

Key Levels

Support:$6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $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: $7,000, $7,174, $7,400, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

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Yaz Sheikh 182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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