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Bitcoin Price Analysis: BTC Could Resume Decline Unless It Breaks $7,200

Summary:
Bitcoin price declined and tested the ,550-,600 support area against the US Dollar.It is currently correcting higher and trading above the ,800 level.There is a major bearish trend line forming with resistance near ,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair must surpass ,050 and ,200 to start a strong upward move in the near term.Bitcoin price is struggling to recover above ,000 and ,200 against the US Dollar. BTC could resume its decline if there is no successful close above ,200.Bitcoin Price AnalysisThis past week, there was a fresh decline in bitcoin price from the ,500 resistance against the US Dollar. BTC broke the ,000 support level to move into a bearish zone.Besides, there was a close below the ,000 level and the 55

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  • Bitcoin price declined and tested the $6,550-$6,600 support area against the US Dollar.
  • It is currently correcting higher and trading above the $6,800 level.
  • There is a major bearish trend line forming with resistance near $7,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair must surpass $7,050 and $7,200 to start a strong upward move in the near term.

Bitcoin price is struggling to recover above $7,000 and $7,200 against the US Dollar. BTC could resume its decline if there is no successful close above $7,200.

Bitcoin Price Analysis

This past week, there was a fresh decline in bitcoin price from the $7,500 resistance against the US Dollar. BTC broke the $7,000 support level to move into a bearish zone.

Besides, there was a close below the $7,000 level and the 55 simple moving average (4-hours). It tested the $6,550-$6,600 support area and traded as low as $6,558.

The price is currently correcting higher and trading above $6,800. There was a break above the 50% Fib retracement level of the recent decline from the $7,202 high to $6,558 low.

However, there are many key resistances on the upside, starting with the $6,960 level. It represents the 61.8% Fib retracement level of the recent decline from the $7,202 high to $6,558 low. There is also a major bearish trend line forming with resistance near $7,050 on the 4-hours chart of the BTC/USD pair.

The 55 simple moving average (4-hours) is the main hurdle near $7,060 level. A successful break above the trend line and the 55 SMA is needed for a fresh increase towards $7,165 and $7,200.

Any further gains might start a strong uptrend and the price could rise towards $7,500 and $7,600 in the near term. Conversely, the price might fail to surpass the $7,050 resistance area.

If the bulls fail, there is a risk of another decline towards the $6,550-$6,600 support area. If there is a clear break below the $6,558 swing low, the bears are likely to aim a larger decline towards the $6,200 and $6,150 levels.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly approaching a couple of key hurdles near $7,050 and $7,165. If the bulls fail to push the price above $7,200, there are high chances of a downside break below the $6,558 swing low.

Technical indicators

4 hours MACD – The MACD is struggling to gain pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Key Support Levels – $6,600 and $6,550.

Key Resistance Levels – $7,050, $7,165 and $7,200.

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