Bitcoin Price Weekly Analysis: BTC/USD Remains Sell on Rallies

Key Points

• Bitcoin price declined below $7,260 and moved into a bearish zone against the US Dollar.
• There is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair must clear the $7,260 and $7,320 resistances to move back in a positive zone.

Bitcoin price tuned bearish with a close below $7,260 against the US Dollar. BTC/USD’s upsides remain capped near the $7,260 and $7,320 levels in the near term.

Bitcoin Price Upside Hurdles

This past week, there was a sharp downside move from well above $7,600 in bitcoin price against the US Dollar. The BTC/USD pair declined and broke the $7,500 and $7,260 support levels to move into a bearish zone. It even traded below the $7,000 level and is currently well below the 100 simple moving average (4-hours). A new monthly low was formed at $6,881 and the price is currently consolidating.

An initial resistance on the upside is near the 23.6% Fib retracement level of the last…