Unless Bitcoin Breaks Through These 2 Levels, a Crash to $7,000 Is “Logical”

 

After attempting to rally through $9,500 this week, Bitcoin failed to sustain its bullish momentum yet again. As of this article’s writing, the leading cryptocurrency trades for $9,200, having sustained somewhat of a pullback.

The retracement notably wasn’t caused by Bitcoin: a drop in the S&P 500 on Wednesday forced the crypto market leader.

Technical analysts, regardless, remain somewhat skeptical of BTC’s medium-term outlook.

Related Reading: Once-a-Cycle Bitcoin Bull Signal Just Appeared for the 1st Time Since 2016

Bitcoin on Track to Hit $7,000

Despite the strength seen over recent months, Bitcoin remains in a macro consolidation pattern.

A trader shared the chart below on July 9th, showing that BTC is consolidating at a diagonal resistance formed at the $20,000 all-time high. Bitcoin is also trading below the $10,500 horizontal resistance, which has been a level of importance for over a year now.

Bitcoin failing to break past these two pivotal levels will likely lead to an…


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