Bitcoin is in a steady decline after an interim peak of $9950 seen on May 6. The leading crypto currency fell to $ 7500 in 20 days and is trying to hold on here.
Bitcoin, which fell to $ 7260 two days ago, went above 7600 with a slight jump from here. However, it soon fell back to 7400. There is strong support in the 7300-7400 range for Bitcoin. It has not yet sagged under this support. The fact that Bitcoin is constantly hovering around this support and failing to make a strong bounce from here is not without cause for concern.
Annalyst Ken Chigbo of FXStreet said that the weekly BTC/USD outlook shows that the price is currently flirting with 61.8% Fibonacci. He says it has been near a hard-to-destroy area in the past.
Chigbo continued, “For a significant purchase, many are still vulnerable to another attack from the bears as many face the $6,500 levels. Purchasing interest in this area is quite high, as proven historically. Resistance pulled back up to $8500.”
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