Bitcoin (BTC) Price Analysis: Bitcoin Price Fall Breaks Major Support Level of $6800

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • 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%.

Capture
Source: Coinmarketcap

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 

Screenshot (198)
Source: Tradingview

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

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