Since the monthly short opening, Bitcoin has been relying on the $7200 support but has failed to bounce back due to low pressure in the market. A drive beneath the above-mentioned support may lead to a weakness in price. However, BTC dominance currently increased by 0.1%. We may see a bullish rally if the percentage continues to rise.
Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $7445, $7844
Key support levels: $7210, $7051
Though, Bitcoin’s price has managed to bounce off the channel’s lower boundary at $6600 during last week’s trading. Despite that, the mid-year bearish bias remains dominant. Currently Bitcoin is on a four days decline with current trading price at $7387. Meanwhile, key support is near $7200 and $7000 – an important level for Bitcoin.
Gaining momentum above $7445 is an indication for a bullish continuation as $7844 could be explored. Still, $9000 remains a key bullish target if BTC keeps respecting the descending channel. The daily MACD for Bitcoin is still very much in a bearish zone but it may climb back we see a decent rise. Similarly, the price is looking for a retest on the RSI 30 as rebound may occur.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Trading volatility has been quite low over the past two days. Bitcoin trades below $7500 price zones since the weekly opening, although there’s a minor resistance for the market at $7445 which is likely to determine a potential buying pressure if the resistance breaks.
Moreover, the market is likely to face a yellow-dotted regression line that aligns with the weekly high of $7500 before we can confirm a bullish move to $7800.
Currently, the RSI is showing strength with a buy setup but it may meet resistance at the overbought level. Conversely, looking at the hourly MACD, it appeared the buyers are slowly turning up to price actions. However, BTC holds support at $7210. Also, $7051 support may come into play if the price further dips.
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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.