With the signs of bull exhaustion shown on technical charts, BTC faces a return of psychological support of $7,000.
At press time, the cryptocurrency is changing hands at $7,235 on Bitfinex – representing a decline of 0.4 percent on a 24-hour basis.
Last week, the approval given by the averages (MAs) running for 50 days and 100 days was approved for more than $7,000 on weekends and yesterday it was $7,429- the highest level since August 4.
In the last seven days, the bull grip was strengthened around Bitcoin but due to buyer exhaustion could possibly fail to cut the resistance of the lower level from the 29th June. This should not be surprising because Bitcoin has increased nearly 27 percent without taking a significant price in 2.5 weeks.
As a result, BTC could feel the pull of gravity in the next 24 hours, although the total approach remains until the prices get less than $7,000.
- BTC could be in for a minor pullback to $7,040–$7,000 in the next 24 hours.
- The overall bias remains bullish, as seen in the daily chart, hence, BTC will likely defend the support at $7,000 and could resume the journey back towards $7,500.
- A downside break of the rising wedge would signal a bear revival and shift risk in favour of a drop to support at $6,650 (multiple daily highs).