Bitcoin Price Watch | BTC/USD Declines Past $7,500, Holds New Support

On Friday morning, Bitcoin continued its decline from earlier this week, now below the critical $7,500 level. Its price has now gone down by over 10% over the past seven days.

Further to this week’s cryptocurrency selloff, another factor that might have contributed to Bitcoin’s decline is the Justice Department’s decision to open a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies. This has added fuel to fire to what is already a crumbling market on the surface.

BTC/USD Holds New Support

Following the latest price drop, Bitcoin is now holding down a support at $7,300. However, the currency is now on another short-term bullish run looking to retest the $7,500 level once again. Should it manage to break above that, the next move could see BTC/USD approach $7,800 and then $8,000 heading into next week.

On the downside, a close around $7,300 may indicate that further declines are on the horizon. That would take BTC/USD further down toward the next critical point of $7,000.

Source: Tradingview

As shown in the technicals chart, the MACD line is sending a strong bearish signal. However, the RSI indicator shows that Bitcoin is currently in oversold territory, so there’s a high selling pressure at the moment.

Looking at the Technical Indicators:

  • Hourly MACD — Bearish signal

  • Hourly RSI — Bitcoin is in a bearish zone

  • Major Resistance Level — $7,500

  • Major Support Level — $7,300

Featured Image: Depositphotos/© denisismagilov

If You Liked This Article Click To Share

Related posts

Bithumb to List Kyber Network and OmiseGo


Goldman Sachs CFO States Company ISN’T Ditching Bitcoin Trading Desk


Tom Lee Bitcoin Price Target Changed