Bitcoin Price Analysis: Grinding Market Slowly Drives Through Support
- The bitcoin market over the last few days has been a series of grinding support/resistance tests that have brought us lower and lower toward our macro support at the $7,700s.
- So far, the market’s macro structure is holding support, but we are currently on our way toward a fourth test of major support — if we break that level, the drop could be fairly aggressive.
- The downside price target for a break of support would have us testing the mid- to upper-$6,000s. However, if we manage to hold support, the immediate overhead level to conquer is the $8,200 level, as that has been a point of resistance over the last few weeks.
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