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Bitcoin Price Prediction: Will BTC/USD Finally Break Above $8K? Price Hovers Around $7,240

Bitcoin (BTC) Price Prediction – November 25

The past week was one of the worst for Bitcoin as the price had seen a $2,000 decline over the past seven days.

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

Key levels:

Resistance Levels: $8,000, $8,500, $9,000

Support Levels: $6,000, $5, 500, $5,000

BTCUSD – Daily Chart

Today, Bitcoin has recorded another new low since May 17, 2019, at $6,513. BTC/USD bulls are not giving up hope as they have endured constant selling pressure from the bears since a few weeks ago. The price dive under $8,000 below the 9-day moving average within the descending channel as the coin sunk beneath several key support levels including $7800, 7,600 and $7,400. However, as the market opens today, the bears pushed Bitcoin below $7,000 and touched the support level of $6,550 which is the monthly low.

Currently, BTC/USD is exchanging hands at $7,240. The positive outcome could be a Hammer candle on the daily chart, which is known as a bullish reversal pattern. Of course, there is still enough time till the daily candle close, but so far, it looks promising. As of writing this, any daily close above $7,500 will be considered bullish for Bitcoin and might signal a temporary end to the past week’s severe declines.

Following the recent gains, Bitcoin is now facing a significant $8,000 resistance level, which was a clear boundary for Bitcoin over the past three days. In case of a break-up, the next resistance lies at $8,500. In order for Bitcoin to return to the bullish track, it will need to at least get over the $9,000 benchmark and confirm it as support by creating a higher-low.

Conversely, the main supports on the downside near $6,500. If there is a downside break below $6,500, the price may accelerate decline towards the $6,000, $5,500 and $5,000 support levels. The stochastic RSI for BTC/USD is currently within the oversold.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the 4-Hour Chart, Bitcoin bottomed at $6,540 during early Asian hours. A thick layer of stop orders forced the bears to slow down their assault and allowed for an extended recovery towards $7,300. Once this critical barrier gave in, the upside accelerated and took BTC/USD to $7,261. If the bulls put more effort, the resistance levels of $7,600, $7,800 and $8,000 could be reached.

BTCUSD – 4 Hour Chart

On the downside, the initial support is created below the 9-day and 21-day moving averages located on the approach to psychological $6,800. If it is broken, bears might get a chance to take the lead again. The next support awaits us at $6,400, while the pivotal barrier could be $6,200. The RSI (14) moves below level 50.

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.