Bitcoin Price Analysis: Bulls fail to capitalise of yesterday’s price gain but 7K still holds

• Bitcoin is trading over 1% lower on Friday after the bulls failed to gather momentum.
• 7K is still holding as a support zone but there are light volumes at the end of the week.

BTC/USD 1-hour chart

Bitcoin is trading marginally lower on Friday as the bulls disappoint the crypto market by failing to gather momentum for a push higher. There is one small glimmer of hot that remains as the 7K level is still intact. 

Looking closer at the technical indicators the price is still trading above the 55 and 200 hourly moving averages which is a decent sign. The relative strength index indicator has moved into negative territory under the 50 mid-line. If the price does break higher the blue resistance zone of 7,200 lies in wait and beyond that, the consolidation high of 7,466 is the main target. On the downside, if there is to be a break lower The black trendline could offer support along with the red line at 6,800 and the purple level at 6,600. Right now the pair is in no mans land and needs a decisive break.

Additional levels