Bitcoin Starts New Year with Bearish Sign

The Bitcoin is showing negative signs below the $7,320 level, which indicates that the cryptocurrency may decline further this week, according to Newsbtc website.

The chat is credited to Newsbtc website

The Bitcoin has witnessed a steady decline below the $7,320 support against the US Dollar. The cryptocurrency settled below $7,320 and the 100 hourly simple moving average.

The next major resistance is close to the $7,320 level. Moreover, the 50% Fib retracement level of the downward move from the $7,531 high to $7,109 low is near the $7,320 resistance.

On the bright side, closing above the $7,320 resistance set the pace for a strong upward. Accordingly, the Bitcoin would continue to rise towards the $7,400 and $7,500 resistance levels.

However, the cryptocurrency may fail to continue rising above $7,275 and $7,320. Thus, the price might extend its downward trend below $7,150.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.