Bitcoin Consolidates Between $7,000 and $7,800, Upward Move Likely

Bitcoin fell marginally above $7,000 at the time of writing. Is the king coin retracing or making another upward to retest at the $7,600 price level? Probably, Bitcoin is attempting to rise. The price movement in the last 48 hours is almost the same. The coin was falling towards the close of last year but came back bullish on December 31. Before this New Year move, BTC has suffered price rejection on December 23 and 29.

On each occasion, the market will fall to $7,200. Based on previous price action, the coin will move up. The availability of more buyers than sellers at the upper price levels will penetrate the $7,600 and $7,800 supply zones. The bulls will be at the center stage of price control if the $7,800 is breached. Nonetheless, it is unlikely that sellers will break the support of $7,000 and resume selling pressure.

Bitcoin Indicator Reading 

In the last few days, Bitcoin is consolidating with the appearance of small body candlesticks like Doji and Spinning tops. These candlesticks describe the indecision between buyers and sellers. This explains the reason why the price bars and EMAs are horizontally flat. The RSI period 14 level 46 confirms that price is ranging.

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand Zones: $7, 000, $6, 000, $5,000

What Is the Next Direction for BTC/USD?

Bitcoin is in a stalemate above the $7,000 price level. The bulls have successfully sustained the price level of $7,000 since December 18. In the interim, the price bars and the EMAs seem to be horizontally flat. The price bars are neither below nor above the EMAs. This gives the impression that the price is in a sideways move. Eventually, if the price below the EMAs, it appears selling pressure may resume. Conversely, if the bulls break above the EMAs, we expect the coin to rise.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.