Bitcoin Price watch: On Monday morning, Bitcoin price took a backseat following a quick surge above $7,500 over the past weekend. The digital currency is now trading at $7,220 as of 12 PM EST.
BTC/USD Dips Down Near $7,000
The recent price movements indicate that Bitcoin bears are still winning the battle. Today, Bitcoin price fell to as low as $7,142, which means that BTC/USD dropped below its 50-week moving average (MA) support for the first time since 2015.
At the moment, Bitcoin is on another bearish run, looking to test a support at $7,200. The current price action suggests a downside break below $7,250. Should it move further down to $7,100, then a further decline toward $7,000 or even $6,800 could surface.
On the upside, there is also a bearish trend line forming near the major resistance level at $7,300. However, the chart indicates that Bitcoin may struggle to break above that in the short term.
Source: Tradingview
As for the technicals, there is a bearish signal shown by both the MACD and RSI indicators. On the bright side, Bitcoin is still in oversold territory.
Looking at the Technical Indicators:
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Hourly MACD — Bearish signal
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Hourly RSI — Bitcoin is in a bearish zone
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Major Resistance Level — $7,300
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Major Support Level — $7,200
Featured Image: Twitter
