Bitcoin technical analysis: BTC/USD bears targeting $7000 territory return

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  • Bitcoin price is trading in negative territory, down some 0.80% in the second half of the session. 
  • BTC/USD vulnerable to a fresh wave of selling pressure should daily support at $8400 be broken.
  • Price action is tiltied to the downside after a big fall through $9000 support.

 

BTC/USD weekly chart

Next major critical weekly support to the downside is eyed back at the $7800 price territory. A descending channel structure can also be observed via the weekly view.

BTC/USD daily chart

The price is subject to losing the $8000 territory, as the bears maintain control. 

Spot rate:                   8,582.61

Relative change:       -0.80%

High:                          8,502.75

Low:                           8,411.01

 

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