Bitcoin Price Analysis – What’s Next For BTC/USD?

Bitcoin Price Analysis

BTC has now broken down below the $7,000 level, which could be a legitimate sign of concerns for investors right now. However, there are some recent developments that we need to consider before making our next moves:

  • India is looking to crack down on cryptocurrency
  • Major banks around the world have placed bans on credit card purchases of Bitcoin
  • The stock market just experienced its worst week in two years
  • The Federal Reserve may look to hike interest rates once again

What this means: There is a market-wide panic that might have started a cryptocurrency sell-off, but that doesn’t mean this is an “end of the world” scenario.

What’s Next For BTC

At the time of writing, BTC has bounced back above $7,000, so this seems to be a newly established support level after the recently stated $8,000 and $10,000 levels were generally accepted by investors.

Bitcoin Price Analysis

Source: Tradingview

The good news is that it is still trading above the 23.6% Fibonacci retracement level (a good indicator for support levels), so a rebound is still likely.

Again, investors need to be patient as the entire market is in disarray at the moment, and a testing of the previously stated $9,150 resistance is still likely.

Looking at the technical indicators:

  • MACD — this indicator is showing a bullish sign as the signal line approaches the MACD line
  • Volume — volume is picking up in the last few hours, so there could be a movement up
  • Major resistance level — $9,150
  • Major support level — $7,000

Featured Image: twitter

In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.
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