- Bitcoin (BTC) has now arisen major concern among the crypto investors as BTC price falls below the major support level of $6800 mark.
- Currently, it is facing an overall loss of -1.83%.
On the 7day-weekly chart, the major ongoing downfall can easily be noticed. BTC price was pushed below the level of $7k firstly due to the strong resistance level of $7300. The price level has now become a multi-resistance area as BTC bulls made their fourth attempt to cross the price level and were unsuccessful.
It was expected that BTC will find relief on $7K mark but the crypto market forces had something else to offer to the world’s largest cryptoasset. BTC plunged below $7k and rested at the price level of $6900.
However, in today’s market, the bears came more strongly and forced bitcoin to break a crucial support level of $6800. The current market capitalization is $123,706,006,031 and volume traded is $39,637,447,049.
Today’s downtrend has now made price recovery to $7k level a challenging task. Also, the bears are looking stronger which may force the price to drop to the level of $7k also.
Bitcoin Technical Analysis
The technical chart reflects on the price sustainability managed by BTC for the past few days. The sustainability, however, failed to keep BTC above $7k level today.
The technical indicators and oscillators are making a slight recovery in the levels but still possessing down-trending nature.
The fib retracement levels indicate that BTC is at a sustainable level which means that it may avoid any further price damage in the market.
The MACD levels have taken a negative divergence to the bearish zone again which is not a good sign for the cryptoasset. It also indicates that the buying volume is slowing dying for BTC. However, there is still a probability of a potential bullish cross for the cryptoasset.
The 24hr- RSI had taken negative divergence in the normal region and have reached a level of 40 and still possessing down-trending nature in the graph.
The 24hr-CCI had touched the tip of the oversold region but got positive divergence and managed to sustain the normal region.
Resistance level: $7000 and $7300
Support level: $6700 and $6500