Bitcoin Price Analysis: BTC Falls From $7,000 But Can The Next Bullish Push Take Us To $8,000?
- Bitcoin dropped slightly today but is finding some form of support at the $6,500 level.
- The cryptocurrency increased as high as $7,000 over the past day but failed to close above it causing it to drop slightly.
Bitcoin dropped from $7,000 over the past 24-hours of trading but is finding support at the $6,550 level. It had broken above this $6,550 resistance over the past 3-days of trading to rise into the $7,000 level before stalling.
These latest price increases show that Bitcoin is starting to recover from the previous price capitulation, especially after increasing by almost 14% over the last week of trading.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can see that Bitcoin rebounded from support at $5,786 that was highlighted in my last analysis. After rebounding it went on to rise above the previous resistance at $6,174 to reach the resistance at $6,542 which is provided by a bearish .5 Fibonacci Retracement level.
It broke this resistance 3-days ago to rise as high as $7,000 but has since dropped and returned to this resistance which is now acting as support.
Short term prediction: NEUTRAL
If the buyers can rebound from the $6,542 support, the first level of resistance lies at $7,000. Above this, resistance is expected at $7,174 (bearish .618 Fib Retracement), $7,270 (1.414 Fib Extension), and $7,676 (1.618 Fib Extension).
This is then followed by resistance at $8,000 which is provided by the bearish .786 Fib Retracement. If Bitcoin can break here, the market would be on the verge of turning bullish in the short term.
Toward the downside, support lies at $6,542, $6,174, $6,000, $5,786, and $5,467.
Key Levels
Support: $6,542, $6,174, $6,000, $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: $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.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
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.
Premium Partners
