Bitcoin Price Analysis: Where Are The Bulls In This Range Under $7,500? Bybit Margin Trading


Crypto Market

Bitcoin Price Analysis: Where Are The Bulls In This Range Under $7,500? Bybit Margin Trading

  • Bitcoin slump broke the long-term ranging channel starting a new downtrend towards $7,200.
  • Technical levels suggest the buyers have the upper hand but do not have enough power in them to sustain gains above $7,500.

Bitcoin perpetual swap contract on Bybit is lethargically hovering above $7,400. Correction towards $7,500 failed to garner enough momentum as the price hit a snag at $7,466 (intraday high). Bitcoin price is dancing at $7,424 at the time of writing. The pivotal movement between $7,500 and $7,300 clearly shows that indecision is clouding the market.

BTC/USD four-hour chart

BTC/USD price chart
BTC/USD price chart Tradingview, Bybit

A break from the range coupled with an increased trading volume will boost Bitcoin towards the broken support at $7,800. The Relative Strength Index (RSI) recovery from levels under 20 is testing the 50 levels. The gradual upward slope emphasizes a strengthening bullish grip. If RSI pulls towards 70, more buyers will be rattled out of hibernation. Increased demand for Bitcoin will eventually catapult the price above $8,000.

On the other hand, as long as the short-term 50 Moving Average (MA) on the four-hour chart widens the gap under the 100 MA, Bitcoin bears will have the upper hand. Besides, the double-cross at $8,220 means that Bitcoin will settle for lower consolidation before another rally is staged to recover the ground towards $9,000.

The inability to recover from the dive this week shows that Bitcoin is yet to find a key support. In this case, most traders are expected Bitcoin to test $7,200 before bouncing to re-enter the broken ranging channel support.

Data from Bybit exchange show Bitcoin last exchanged hands at $7,457. The contract has a marked price of $7,460 and an index price of $7,460.30. In the last 24-hours 465,552,340 contracts in addition to having an open interest of 118,841,248.

Trade Bitcoin on Bybit ->

Bitcoin Key Technical Indicators

Spot rate: $7,457

Relative change: +27

Percentage change: 0.36%

Volatility: Low

Trend: Bearish

RSI: In recovery to towards the average.

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 757 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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