Bitcoin has recently plummeted undermining the bullish bias. The price resided below $7500 area with strong momentum. Bearish pressure increased as bullish momentum weakened. Analysts did not predict a sudden bounce off the $7000 area.
It was said that this sell-off was a result of a massive sell order placed on Bitstamp. Notably, there was an over $500 gap between its price, BitMEX, Coinbase, and other major exchanges.
Bulls are still optimistic despite the recent bearish pressure and targeting 12k and 22k as take-profit levels. Many investors are currently interested in Bitcoin again which might increase the market cap for the coin. Hence, further upward pressure is expected as well.
As of the technical viewpoint. The price is currently showing certain bullish pressure below $7500 area which is a positive sign for the Bitcoin bulls. A daily close above $7500 is required for confirming further upward thrust and continuation of the bullish momentum in the pair. It will target $8000 and later towards $8400-500 resistance area in the future. As the price remains above $7000 area, the bullish bias is expected to continue.
SUPPORT: 7000, 7250
RESISTANCE: 7500, 7850, 8000, 8400
BIAS: BULLISH
MOMENTUM: VOLATILE
