Bitcoin is testing below $7,500 that was recorded yesterday when a sudden slump of $400 happened in just a few hours. The lower position of the Bitcoin is not an unnatural move as this was the expected result and we have discussed in the last price checkup of the digital gold.
The trend line of the BTC is present in a very critical position as it is dwindling at $7,448. The 7,448 level is the last support to hold the value upward and the price value will go to a dangerous level in case of breakage. The bulls will have to be active to prevent the trend line to go down further.
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$7.2k signal was received in April
According to crypto experts, the dumping signal was received in the month of April and accordingly, the value will test at the $7,448. So, the speculation that was devised many months ago comes out and the difference of just $200 is left.
The RSI indicator is revealing that BTC has been going down out of the protective zone which means that the next target is between the $7,000 and $7,200. It seems that stay is not temporary but rather, it will stay for a longer period of time. Crypto lovers are in a hurry but they have to wait for some time so that will value will emerge out from the bearish trend and take the path of the rally.
Reality Vs Predictions
If the present support level defeat due to selling pressure then the next support will hurdle the path at about $6,000. As the eyes of crypto enthusiasts are staying at $1million after halving event but the reality is going opposite and the present situation is yet satisfactory.
The performance of today and yesterday pointing towards a disturbing position at $7,000 or $72,000-the expected position told in our previous price analysis. The price value was dropped by 8% yesterday that is following the today drop of 5.5%.