Bitcoin Looks South After Strong Rejection Above $7,600

By: Omkar Godbole

  • Bitcoin risks falling to key support near $7,087 (Dec. 4) with charts indicating bearish sentiment is still quite strong.
  • Acceptance below $7,087 would open the doors for a re-test of recent lows near $6,500.
  • A high-volume move above $7,870 (Nov. 29 high) is needed to confirm a short-term bullish reversal.

Bitcoin is again operating on slippery ground, having faced repeated rejection above psychological resistance over the last four days.

The top cryptocurrency by market value has failed to hold onto gains above $7,600 in three out of the last four days. Prices remained below that level on Sunday.

Monday’s rejection above the psychological level appeared most disheartening for the bulls. The cryptocurrency had jumped from $7,440 to $7,666 in the seven hours to 15:00 UTC, according to Bitstamp data.

The upward move, however, was undone with a $283 drop to $7,383 in the following 60 minutes. The cryptocurrency ended the day with a 2.4 percent drop, engulfing the trading range seen over the last three days.

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