Home Bitcoin price prediction: Lack of healthy support levels could see BTC/USD drop even further
Crypto News

Bitcoin price prediction: Lack of healthy support levels could see BTC/USD drop even further

FX Street
Published date:
  • Strong resistance level lies at $7,265, preventing further upward movement.
  • BTC/USD plummeted from $7,491.40 to $7,197.50 in just one hour.

BTC/USD bears came out on top for the fifth straight day, going down from $7,305.45 to $7,232 this Wednesday. The hourly breakdown shows us that Bitcoin plummeted from $7,491.40 to $7,197.50 in just one hour. As per the daily confluence detector, there are no healthy support levels on the downside, indicating that a further price drop may be around the corner. On the upside, there is a strong resistance level at $7,265, which the buyers need to overcome to reverse market momentum.

BTC/USD daily confluence detector

fxsoriginal

The $7,265 resistance level has the one-day Previous Low and one-month Fibonacci 23.6% retracement level.
 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2026