Bitcoin (BTC) encountered massive resistance as it tried to break $7,300.
At the same time, its trade volume has been dropping together with its dominance in the crypto markets.
In our analysis of Bitcoin (BTC) a few hours ago, we were cautiously optimistic that the King of Crypto was on a slow and tense journey towards $8,000. We also identified a few support zones that include $7,050, $6,900, $6,800 and $6,600.
Why $7,050 is the Level to Watch During Bitcoin’s Weekly Close
Further analyzing the aforementioned support zones, we realize that the $7,050 zone is the last area of defense for Bitcoin before it drops back to familiar levels below $7,000. Therefore, if this level breaks in the next few hours, we will most likely retest $6,900 and possibly back to our strongest suppo...