Bitcoin Price Analysis: Macro Resistance Could Push Price Down to $6,000s

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Summary:

  1. The bitcoin market is seeing some pullback as the monthly and weekly resistance level has proven to be a tough level to crack. On the daily level we can see a couple of attempts to break the level, but ultimately this was matched with strong selling pressure.
  2. On bitcoin’s four-hour chart we can see that support that once held the market up is now turning into support with a failure to reclaim the level.
  3. If we fail to reclaim the $7,800s, we can expect to see a retest of the $7,300s and if that level doesn’t hold, we will very likely see a test of the low $6,000s.

Trading and in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered . Statements and financial information onBitcoin Magazine and Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to , sell or hold. Past performance is not necessarily indicative of future results.

This article originally appeared on Bitcoin Magazine.

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