{"id":407393,"date":"2019-12-16T06:00:47","date_gmt":"2019-12-16T06:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=407393"},"modified":"2024-06-11T12:49:26","modified_gmt":"2024-06-11T12:49:26","slug":"bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/","title":{"rendered":"Bitcoin (BTC) Breakdown Below $7K Looms, Can Bulls Bounce Back?"},"content":{"rendered":"<ul>\n<li>Bitcoin price is trading in a bearish zone below the $7,200 resistance against the US Dollar.<\/li>\n<li>The price is currently struggling to stay above the $7,000 support area.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $7,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to face a lot of hurdles near $7,120, $7,160 and $7,200.<\/li>\n<\/ul>\n<p><em>Bitcoin price is struggling to recover above $7,200 against the US Dollar. Therefore, BTC remains at a risk of a larger breakdown below the $7,000 support.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin extended its decline below the $7,080 support area against the US Dollar. Moreover, BTC price settled below $7,200 and the 100 hourly simple moving average.<\/p>\n<p>Finally, it tested the $7,000 support and formed a <a href=\"https:\/\/wncen.com\/2019\/12\/15\/bitcoin-weekly-forecast-btc-trend-overwhelmingly-bearish\/\" target=\"_blank\" rel=\"noopener noreferrer \">new monthly low at $7,008<\/a>. It is currently consolidating losses above the $7,000 and $7,020 levels. The recent low is $7,032 and an initial resistance is near the $7,080 level.<\/p>\n<p>Besides, the 23.6% Fib retracement level of the downward move from the $7,204 high to $7,008 low is also near the $7,072 level. The first key resistance for bitcoin price is near the $7,120 level.<\/p>\n<p>Additionally, there is a connecting bearish trend line forming with resistance near $7,120 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the downward move from the $7,204 high to $7,008 low is also near the $7,118 level.<\/p>\n<p>Thus, a clear break above the trend line and $7,120 is needed for a decent recovery. The <a href=\"https:\/\/wncen.com\/2019\/12\/13\/bitcoin-btc-flirts-with-key-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer \">next hurdles are seen near the $7,160 and $7,180 levels<\/a>. More importantly, an upside break and close above $7,200 is must to start a substantial recovery.<\/p>\n<p>On the downside, an initial support is near the $7,030 level. The main support is near the $7,000 level. If there is a successful break and close below $7,000, the bears are likely to gain strength.<\/p>\n<p>In the mentioned case, the price is likely to accelerate below $7,000 and $6,900. An immediate support is near $6,800, below which the gates could open for a test of the $6,500 support area.<\/p>\n<figure id=\"attachment_407394\" aria-describedby=\"caption-attachment-407394\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407394\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-13.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407394\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly trading in a downtrend below $7,160 and $7,200. As long as there is no daily close above $7,200, there are high chances of another breakdown below the $7,000 support area.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is approaching the 30 level.<\/p>\n<p>Major Support Levels \u2013 $7,030 followed by $7,000.<\/p>\n<p>Major Resistance Levels \u2013 $7,120, $7,160 and $7,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is trading in a bearish zone below the $7,200 resistance against the US Dollar. The price is currently struggling to stay above the $7,000 support area. There is a connecting bearish trend line forming with resistance near $7,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to face a lot of hurdles near $7,120, $7,160 and $7,200. Bitcoin price is struggling to recover above $7,200 against the US Dollar. Therefore, BTC remains at a risk of a larger breakdown below the $7,000 support. Bitcoin Price Analysis Recently, bitcoin extended its decline below the $7,080 support area against the US Dollar. Moreover, BTC price settled below $7,200 and the 100 hourly simple moving average. Finally, it tested the $7,000 support and formed a new monthly low at $7,008. It is currently consolidating losses above the $7,000 and $7,020 levels. The recent low is $7,032 and an initial resistance is near the $7,080 level. Besides, the 23.6% Fib retracement level of the downward move from the $7,204 high to $7,008 low is also near the $7,072 level. The first key resistance for bitcoin price is near the $7,120 level. Additionally, there is a connecting bearish trend line forming with resistance near $7,120 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the downward move from the $7,204 high to $7,008 low is also near the $7,118 level. Thus, a clear break above the trend line and $7,120 is needed for a decent recovery. The next hurdles are seen near the $7,160 and $7,180 levels. More importantly, an upside break and close above $7,200 is must to start a substantial recovery. On the downside, an initial support is near the $7,030 level. The main support is near the $7,000 level. If there is a successful break and close below $7,000, the bears are likely to gain strength. In the mentioned case, the price is likely to accelerate below $7,000 and $6,900. An immediate support is near $6,800, below which the gates could open for a test of the $6,500 support area. Looking at the chart, bitcoin price is clearly trading in a downtrend below $7,160 and $7,200. As long as there is no daily close above $7,200, there are high chances of another breakdown below the $7,000 support area. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is approaching the 30 level. Major Support Levels \u2013 $7,030 followed by $7,000. Major Resistance Levels \u2013 $7,120, $7,160 and $7,200.<\/p>\n","protected":false},"author":67,"featured_media":404408,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-407393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Breakdown Below $7K Looms, Can Bulls Bounce Back?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to recover above $7,200 against the US Dollar. 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Therefore, BTC remains at a risk of a larger breakdown below the $7,000 support.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-16T06:00:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T12:49:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/bitcoin_decline_btcanalysis-.jpg?fit=1000%2C615\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"615\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twitter.com\/AayushJs\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70\"},\"headline\":\"Bitcoin (BTC) Breakdown Below $7K Looms, Can Bulls Bounce Back?\",\"datePublished\":\"2019-12-16T06:00:47+00:00\",\"dateModified\":\"2024-06-11T12:49:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\"},\"wordCount\":411,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/bitcoin_decline_btcanalysis-.jpg?fit=1000%2C615\",\"keywords\":[\"bitcoin\",\"btc\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\",\"name\":\"Bitcoin (BTC) Breakdown Below $7K Looms, Can Bulls Bounce Back?\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/bitcoin_decline_btcanalysis-.jpg?fit=1000%2C615\",\"datePublished\":\"2019-12-16T06:00:47+00:00\",\"dateModified\":\"2024-06-11T12:49:26+00:00\",\"description\":\"Bitcoin price is struggling to recover above $7,200 against the US Dollar. 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