Bitcoin price analysis: BTC/USD if not $8,000 this weekend, where to then?

Bitcoin settles in a narrow range between $7,800 – $7,700.

The formation of a rising wedge pattern hints a breakdown towards $7,000.

Thecryptocurrencymarket is mostly in the red on Saturday. However, Bitcoin bulls are flexing their muscles in readiness for a barrier breaking mission to $8,000. The price is up a subtle 0.14% on the day after correcting from the opening of $7,757 to the current market value of $7,761.

The immediate upside is limited by theresistanceat $7,800. Although, Bitcoin hit highs around $7,879 on Friday before retracement kicked in. Bitcoin is also trading in the apex of a rising wedge pattern which hints a breakdown towards $8,000. To avert the impact of the wedge pattern Bitcoin must correct above $8,000.

The Relative Strength Index (RSI) is horizontal above 60, showing a possibly extended sideways trading. The downside is protected by the 50 SMA on the 1-hiurchartat $7,600 and the 100 SMA at $7,400. Other key support levels to keep in mind include $7,200, $7,000, $6,800 and $6,500.

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BTC/USD has fallen below the $7,000 mark, which was a key psychological level. The four-hour BTC/USD market is trending in a downward channel formation. Chainalysis released a report stating that a massive Ponzi scam triggered the drop below the $7,000-level.

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On thecryptocurrencymarket, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

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