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Bitcoin (BTC) Relatively Muted, Signs of Further Weakness

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Bitcoin (BTC) Relatively Muted, Signs of Further Weakness

Bitcoin price is facing a strong resistance near the $7,400 and $7,460 levels against the US Dollar.The price is approaching the key $7,200 and $7,160 support levels.There is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could recover above $7,400 as long as there is no daily close below $7,200.Bitcoin price is currently confined in a range below $7,400 against the US Dollar. BTC must stay above $7,200 and $7,000 to start a decent recovery.Bitcoin Price AnalysisRecently, we saw a Bitcoin PriceLooking at the chart, bitcoin price is currently declining and trading below the $7,300 level. It seems like the price could retest the $7,200 support area before it could make an attempt to climb above $7,400 and $7,460 in the near term.Technical indicators:Hourly MACD – The MACD is likely to move into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it now well below the 50 level.Major Support Levels – $7,200 followed by $7,000.Major Resistance Levels – $7,400, $7,460 and $7,630.

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Author: Aayush Jindal

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