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Bitcoin (BTC) Price Analysis: BTC Tumbles Unable to Break the $7,600 Supply Zone

Key Highlights

  • The bulls were repelled at $7,600 supply zone
  • Bitcoin (BTC) will continue its range-bound move as long as the price range of $6,500 and $7,800 remains intact

Bitcoin (BTC) Current Statistics

  • The current price: $7,363
  • Market Capitalization: $133,508,043,552
  • Trading Volume: $23,312,630,288
  • Major supply zones: $13,000, $14,000, $15,000
  • Major demand zones: $9,000, $8,000, $7,000

Bitcoin (BTC) Price Analysis Dec 30, 2019

Within seven days, Bitcoin (BTC)  has faced price rejection at the $7,600 supply zone twice. The coin lacks demand at a higher price level. On December 23, the bulls attempted to break the $7,600 supply zone but were resisted. The leading cryptocurrency falls and drops to the $7,100 low. Yesterday, a repeat retest was made at $7,600 and the coin fell again to the support at $7,300. Since December 18, BTC has been relatively stable above the $7,000 support.

This calls for more buyers to come in at the $7,000 support. Bitcoin prices will shoot up if more buyers are introduced at the $7,000 support to propel BTC to rise. At the moment, BTC is fluctuating above $7,300 price level pending its next destination. Meanwhile, if the bulls break above the $7,600 supply zone, the BTC’s next target will be above $9200. However, Bitcoin will resume its range-bound move if $7,600 remains unbroken.

BTC/USD - Daily Chart

Bitcoin Technical Indicators Reading

Bitcoin is now trading above Level 52 of the daily Relative Strength Index period 14. This indicates that price is above the centerline 50 and that Bitcoin is likely to rise. Bitcoin has carefully traded in a confined trading channel. BTC stands the chance to fall if the bears break below the support line. This will cause the coin to depreciate to the low of either $5,500 or $6,000.

Conclusion

Bitcoin is still in a downtrend as the coin fluctuates between the levels of $6,500 and $7,800. Presently, the coin upward move has been hampered because of the resistance at $7,600. The market expectations are for the bulls to break above $7,600 and $7,800, and then Bitcoin will rally above $9,200. The market will continue to rise if the bullish momentum is sustained.

Chart: Tradingview.com


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