Bitcoin has stabilized above $7,500 following yesterday’s upswing
Analysts are now noting that a confluence of factors suggest BTC will decline slightly before finding enough support to catalyze continuance of this uptrend
This comes after a period that some traders have described as “healthy consolidation”
Bitcoin has been able to maintain all of its recent gains overnight, as the benchmark cryptocurrency has begun stabilizing above the $7,500 region even in spite of the strength of the rejection seen at $7,800 yesterday.
The cryptocurrency now appears to be engaged in a “healthy” bout of consolidation as it establishes greater support around its current price levels, apparently making it poised to see further upside.
Traders don’t seem to believe, however, that BTC is ready to continue pushing higher, as one popular analyst is noting that a confluence of factors seem to suggest that it is bound to decline towards around $7,300 before it climbs higher.
Bitcoin Stabilizes Following Latest Rally, Enters “Healthy Consolidation”
At the time of writing, Bitcoin is trading up just under 6% at its current price of $7,530, marking a notable climb from daily lows of $7,100 that were set just minutes prior to the upswing seen yesterday morning.
This movement led BTC to highs of $7,800 on trading platforms like Bitmex, at which point it faced a strong amount of selling pressure that forced it lower.
Its ability to stabilize within its current price region and even show some signs of wanting to push higher is overtly bullish and may even mark a bout of “healthy consolidation” – according to one analyst.
“Bitcoin – Healthy consolidation on the 4 hour chart after that big push yesterday,” he explained while pointing to the below chart.
Image Courtesy of Big Cheds
“Simple Geometry” Suggests Downside is Imminent
This consolidation may not stop Bitcoin from seeing further downside, however, as another analyst noted in a recent tweetthat “simple geometry” and confluence both point to the possibility that the crypto needs to decline towards $7,280 before it extends its uptrend.
“It would make a lot of sense for BTC to test $7283’ish when looking at the hourly, using simple geometry. When we zoom out, we see there is a bunch of confluence on the level further to the left,” he said.
Image Courtesy of Bitcoin Jack
Unless Bitcoin establishes $7,500 as a strong support level, bulls need to garner a significant amount of support if they want to continue pushing higher through the resistance-laced $7,000 region.
Featured image from Unsplash. origin »
Bitcoin prices consolidate near the $95,000 level. BTC must clear the $96,500 resistance zone to attempt a fresh increase in the near term. Bitcoin is holding gains above the $93,500 zone. The price is trading below $96,500 and the 100 hourly Simple moving average.
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Bitcoin price failed to start a recovery wave above the $61,500 resistance zone. BTC started another decline and might dive toward $55,000. Bitcoin started a fresh decline and traded below the $58,500 zone.
Bitcoin price stayed above the $68,500 support zone. BTC is now consolidating and might aim for a fresh increase above the $70,150 resistance. Bitcoin found support near $68,500 and started a decent recovery wave.
Bitcoin price managed to stay above the $60,000 support. BTC recovered and is now facing hurdles near the $63,500 resistance zone. Bitcoin seems to be trading in a range between $60,000 and $63,500.
Bitcoin price failed to clear the $65,500 resistance. BTC is now moving lower and there are a few bearish signs emerging below the $63,500 level. Bitcoin started a fresh downside correction and traded below $63,500.
Bitcoin price extended its increase and climbed above the $66,000 resistance zone. BTC is now showing positive signs and might find bids near $65,500. Bitcoin gained pace for a move above the $65,500 resistance zone.
Bitcoin price found support near $67,500. BTC started a fresh increase and might soon revisit the $72,500 resistance zone in the near term. Bitcoin retested the $67,500 support zone before it started a fresh increase.
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Bitcoin price is consolidating above the $37,500 support zone. BTC could attempt a strong increase if there is a clear move above the $38,400 resistance. Bitcoin is still struggling to clear the $38,500 resistance zone.
Bitcoin price failed again to clear the $38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and might attempt another increase. Bitcoin is still facing heavy resistance near the $38,500 zone.
Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone. Bitcoin is again facing heavy resistance near the $38,500 zone.
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Bitcoin price climbed higher and tested the $27,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below $26,500. Bitcoin is holding gains above the $26,500 support level.
Bitcoin price is struggling to recover above $26,200. BTC is again moving lower and there could be a sharp decline below $25,500 in the near term. Bitcoin failed to recover above the $26,200 and $26,500 levels.
Bitcoin price is attempting an upside break above the $26,200 resistance. BTC must clear $26,200 and $26,500 to start a decent recovery wave. Bitcoin is still struggling to clear the $26,500 resistance zone.
Bitcoin price is stuck in a tiny range above the $25,900 support. BTC could start a decent increase if there is a close above $26,200 and then $26,500. Bitcoin is struggling to clear the $26,500 resistance zone.
Bitcoin price is consolidating above the $25,500 level. BTC could start a decent increase if there is a close above the $27,000 resistance. Bitcoin is struggling to clear the $26,500 resistance zone.
Bitcoin price is consolidating above $29,500. BTC could start a decent increase if it clears the $30,200 resistance zone in the near term. Bitcoin is struggling to gain bullish momentum from the $29,500 level.
Bitcoin price is attempting a fresh increase from $29,500. BTC could gain bullish momentum if it clears the $30,200 resistance zone in the near term. Bitcoin is slowly moving higher from the $29,500 level.
Bitcoin price is consolidating above the $26,500 support. BTC could decline heavily if there is a clear move below the $26,500 support. Bitcoin is still struggling to stay above the $26,500 support zone.
Bitcoin price is correcting gains and trading below $27,500. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term. Bitcoin struggled to climb above $27,500 and started a downside correction.
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The post Bitcoin and S&P 500 Correlation Turns Negative for the First Time Since FTX Collapse appeared first on BeInCrypto.
Bitcoin price is correcting lower below the $24,500 level. BTC could decline towards the $23,500 support before it starts a fresh increase in the near term. Bitcoin is slowly moving lower below $24,500 and $24,000.
Bitcoin price is still struggling to clear the $21,500 resistance zone. BTC could correct further lower if there is a clear move below the $20,500 support zone. Bitcoin struggled to clear the $21,500 resistance zone and corrected lower.
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Bitcoin price started an upside correction from $15,500. BTC is now facing a strong resistance near the $16,300 zone and the 100 hourly SMA. Bitcoin found support near $15,500 and started an upside correction.
Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance. Bitcoin started a fresh increase after it found strong bids above $22,500.
Bitcoin struggled above the $21,500 resistance zone against the US Dollar. BTC is trimming gains and might find support near the 100 hourly SMA. Bitcoin climbed above the $21,500 level before it faced sellers.
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Bitcoin attempted a fresh increase above $39,500 against the US Dollar. BTC is still facing a strong resistance near $39,800 and $40,000. Bitcoin spiked above $39,500, but it failed to clear the $40,000 resistance zone.
Bitcoin is struggling to recover above the $38,400 resistance zone against the US Dollar. BTC could resume decline if it stays below the $38,500 level. Bitcoin is currently facing resistance near the $38,400 and $38,500 levels.
Bitcoin failed again to clear the $45,500 resistance zone against the US Dollar. BTC is declining and remains at a risk of more losses below $42,500. Bitcoin attempted another upside break above $45,500 but failed.
Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term. Bitcoin is struggling to move above the $58,000 and $58,500 levels.
Bitcoin price started an upside correction above $60,000 against the US Dollar. BTC could recover further, but the bears might remain active near $62,500. Bitcoin is still trading well below the $62,000 and $62,500 resistance levels.
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