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Bitcoin Price Prediction: BTC/USD May Drop Below $7,000 as the Coin Faces Price Rejection

Bitcoin (BTC) Price Prediction – December 11

Bitcoin is making a gradual decline to the previous low of either $6,800 or $7,000. The pair risks further depreciation if it breaks the low of $6,800.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key Levels:
Resistance Levels: $8000, $9000, $10000
Support Levels: $7000, $6000, $5000

BTC/USD – Daily Chart

BTC/USD upward move has been hampered because of the resistance at $7,800 and $7,600. The coin makes an upward correction but was resisted at $7,800. This led Bitcoin to fall to a low of $7,300. The coin made a pullback to retest the resistance but ended up to retest the $7,600 price level. A second test at $7,600 made Bitcoin drops to a low of $7,200. The bearish run is likely to continue, though the price fall is gradual.

The indicators are showing a sell signal like the stochastic. Bitcoin is trading below the 40% range of the daily stochastic. This suggests that the market is in a bearish momentum. The pair is falling and approaching the low of $7,000. The coin may pause or rebound at the $7,000 price level. On the other hand, the selling pressure may continue to the previous low of $6,800. Nevertheless, if the bears break below $6,800, it suggests that BTC will resume a downward move.

BTC/USD – 4 Hour Chart

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin is trading below $7,600 resistance level. The bulls tested the resistance on four occasions but unable to breakthrough. The coin is now gradually fallen to a low of $7,000. Meanwhile, it is in a tight range between the levels of $6,800 and $7,600. There is a likelihood that a break below the support line, is a signal that the coin will further depreciate

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.