- BTC/USD has dropped below $7,350 as the sells-off has resumed.
- The next support awaits BTC on approach to $7,000.
After an erratic recovery during the previous week, Bitcoin (BTC) smithed back into a selling mode. The coin topped at $7,868 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $7,300, down 2% since the beginning of Monday. Notably, Bitcoin’s market share stayed unchanged at 66.4%, which means that altcoins are also headed North, follow the lead of the first cryptocurrency.
Bitcoin’s long-term picture
Looking technically, BTC/USD moved back below pivotal $7,350 created by 61.8% Fibo retracement for the entire upside move from $3,226 low to $13924 high. A failure to settle above this barrier bodes ill for an immediate Bitcoin’s forecast snack signals that more sell-off may be inshore with the nearest target at $7,000. This psychological support separates BTC from a deeper decline towards the lower line of the daily Bollinger Band at $6,661 and the recent low of $6,526.
On the upside, we will need to see a sustainable move above $7,350 to mitigate the bearish pressure and improve the technical picture. Once above, BTC/USD may proceed to $7,780 ( the middle line of the daily Bollinger Band), and $8,000. This barrier is followed by SMA50 daily at $8,340.