Bitcoin at sub-$7,000 – What’s Next?

Bitcoin’s troubles continued on Saturday, falling by 5.48% to end the day at $7,013.3, the day’s losses marking a 7^th consecutive day in the red.

A relatively range bound morning saw Bitcoin hold at around the 38.2% FIB Retracement Level of $7,456 before succumbing to broader market pressures, tumbling in the middle part of the day through the first major support level at $7,290.37 and the second major support level at $7,160.63 to an intraday low $6,928.8 before steadying through the rest of the day.

Bitcoin’s tight ranges through the 2^nd half of the day averted a sub-$7,000 end to the day, though the slide back through the 38.2% FIB Retracement Level to sub-$7,000 lows led to the near-term bullish trend come to an end, with the extended bearish trend, formed at 5^th May’s $9,999 resuming.

With the news wires on the quieter side at the start of the weekend, the slide through the day continued to reflect investor sentiment towards the SEC’s decision on whether to approve Bitcoin ETFs and the roll out of G20 unified rules and regulations, the delay to both having been badly received by the cryptomarkets, contributing to the week’s decline.

The bulls are in for a tough August, with uncertainty extended and governments possibly deciding to go it alone on the regulatory front, the much talked about flip flopping by the South Korean government on how to address inadequate security measures and anti-money laundering policies of particular significance to the market.

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At the time of writing, Bitcoin was down 0.37% to $6,987, Bitcoin managing to recover from an early slide to a morning low $6,890, which held above the day’s first major support level at $6,797.33, the early losses coming off the back of Saturday’s reversal that continued into the early hours of the morning.

For the day ahead, a move through to $7,144 would support a run at the first major resistance level at $7,360.73, though the Bitcoin bulls will need to break back through and hold on to $7,000 levels through the morning to support a bullish run later in the day.

Failure to break through to $7,100 levels in the early afternoon could see Bitcoin take a slide later in the day, with the day’s first major support level at $6,797.33 in play, with the Bitcoin bears eyeing the 23.6% FIB Retracement Level of $6,757 as the next bearish milestone.

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