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Recently, bitcoin has slid lower quite impulsively which lead the price to reside at the edge of $7,500 support area from where certain bullish pressure is being observed currently.
After hitting the resistance twice and failing to break it, bitcoin has plunged back below $8,000 as markets tumble. The cryptocurrency failed to break the resistance and started on a downward slide that has resulted in a 4.3 percent dump on the day. BTC retreated to just above $7,600 from just below $8,000. The support is located at $7,400 and $6,800 with further declines likely if these levels cannot be held.
Bitcoin price trajectory is often described as parabolic. During the height of the 2017 bull run, the price of the leading crypto by market cap went media-fueled parabolic tear that took the price of the asset to its all-time high of $20,000. Price action suggests more upside movement is ahead, but how fast the crypto asset has risen from the depths of the bear market has left most investors in shock and disbelief. The fast resumption of bullish momentum could suggest more is at play.
As of the current scenario, the price is currently pushing higher after bounce off the $7,500 area which is turning quite impulsive and momentous with the upward pressure. As the momentum is on the rise, the price is expected to push higher towards $8,000 area again and a daily close above it is expected to lead to push further upward with target towards $8,300 and later towards $9,000 area in the process.
SUPPORT: 7000, 7500
RESISTANCE: 8000, 8300
BIAS: BULLISH
MOMENTUM: VOLATILE
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