Bitcoin Price Weekly Analysis: Can BTC/USD Hold $7K?

Key Points Bitcoin price remained in a bearish zone above the $7,000 support against the US Dollar. There is a key declining channel forming with resistance at $7,600 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair has to stay above the $7,200 and $7,000 support levels to avoid a major downside break.

Bitcoin price is trading well below the $7,600 pivot level against the US Dollar. If BTC/USD breaks the $7,000-7,200 support, there could be heavy declines.

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