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Bitcoin technical analysis: BTC/USD vulnerable to fresh wave of selling

  • Bitcoin  price is trading in positive territory, up some 1.30%  in the second half of the session.  
  • BTC/USD vulnerable to a fresh wave of selling pressure, as key support is being breached.
  • Next major support to the downside would be back within the $7000 price territory.  

BTC/USD weekly chart

The bears will be pushing for a retest of the next major weekly support zone at $7800.  

BTC/USD daily chart

Daily price acting is breaking down critical near-term support seen at $8700.  

Spot rate:                    8,993.28

Relative change:        -1.40%

High:                           8,785.94

Low:                            8,558.73

 

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