Bitcoin Price Analysis: BTC Bulls Continue Their Struggle To Defend $6,800 With Bears On The Horizon

Bitcoin-Cash-BCH

  • Bitcoin saw a 1.18% price increase over the past 24 hours of trading as the cryptocurrency continues to battle to remain above $6,800.
  • The cryptocurrency was trading above $7,000 last week but rolled over before the weekend to drop beneath this support.

Bitcoin saw a small 1.18% price rise today as the cryptocurrency continues to battle to remain above the $6,800 support level. $6,800 had provided significant resistance in March and early April and therefore is expected to provide an equal amount of support moving forward.

However, if the tide turns, and Bitcoin falls beneath $6,800, it could result in the cryptocurrency unwinding back beneath $6,000. Luckily, the bulls have battled to remain above this level over the past 5-days of trading and have been successful thus far.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD. Source: TradingView

Market Overview

Analyzing the daily chart above, we can clearly see Bitcoin hitting resistance at $7,400 last week and then rolling over to drop into the $6,800 level. More specifically, the cryptocurrency has managed to remain above support at $6,765 which is provided by a short term .236 Fibonacci Retracement level.

The market is also battling to remain above support provided by a rising support trend line after rebounding from here today.

Short term prediction: Bullish

Bitcoin is still bullish but a close beneath $6,800 would turn it neutral.

If the buyers can push higher, the first level of resistance is located at $7,000. Above this, resistance can be found at $7,174 (bearish .618 Fib Retracement), $7,400, $7,500, and $7,676 (1.618 Fib Extension).

On the other hand, if the sellers push beneath the $6,765 support, added support can be found at $6,500, $6,319 (.382 Fib Retracement), and $6,000 (.5 Fib Retracement).

Key Levels

Support:$6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

Resistance: $7,000, $7,174, $7,400, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.