Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400.
- Bitcoin is showing a lot of bearish signs below the $7,000 pivot level against the US Dollar.
- There was a key technical rejection near the $7,200 area and the 100 hourly SMA.
- There is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue lower as long as it is below the $7,200 level.
Bitcoin Turns Red
After forming a support base above the $6,700 level, bitcoin price started a fresh increase against the US Dollar. BTC price climbed above the $6,900 and $7,000 levels, but it failed to gain bullish momentum.
It seems like the price was rejected above the $7,000 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC/USD pair.