Bears Capitalize on Uncertainty as Bitcoin Price Drops Below $7,300

Following a strong weekly Bitcoin Price advance by the Bulls, the Bears are back in control, rejecting price at the 50-week Moving Average, triggering six consecutive red candle days, breaking the price down towards the previous support at $7,300.

Market Overview

The Bulls will need to make a strong push over the weekend to rescue price from falling back towards the $6,800 range, where price initially broke out from an Inverse Head and Shoulders bottom.

The volume profile as shown on the right-hand side of the daily chart illustrates that there is a void in volume between $7,332 and $6,821 — meaning a breakdown from $7,300 will likely see a quick movement back towards $6,800, where previous resistance may turn into support.

The bulls have found some recent temporary support in the $7,300-$7500 price zone, from which price action broke out powerfully over ETF price speculation- After many Bulls took profits in the run-up to $8,500 and ahead of any news, this may be viewed as an…