Bitcoin (available on Coinbase) Price watch: On Monday morning, Bitcoin (available on Coinbase) price took a backseat following a quick surge above $7,500 over the past weekend. The digital currency is now trading at $7,220 as of 12 PM EST.

BTC/USD Dips Down Near $7,000

The recent price movements indicate that Bitcoin (available on Coinbase) bears are still winning the battle. Today, Bitcoin (available on Coinbase) price fell to as low as $7,142, which means that BTC/USD dropped below its 50-week moving average (MA) support for the first time since 2015.

At the moment, Bitcoin (available on Coinbase) is on another bearish run, looking to test a support at $7,200. The current price action suggests a downside break below $7,250. Should it move further down to $7,100, then a further decline toward $7,000 or even $6,800 could surface.

On the upside, there is also a bearish trend line forming near the major resistance level at $7,300. However, the chart indicates that Bitcoin (available on Coinbase) may struggle to break above that in the short term.

Source: Tradingview

As for the technicals, there is a bearish signal shown by both the MACD and RSI indicators. On the bright side, Bitcoin (available on Coinbase) is still in oversold territory.

Looking at the Technical Indicators:

Hourly MACD — Bearish signal

Hourly RSI — Bitcoin (available on Coinbase) is in a bearish zone

Major Resistance Level — $7,300

Major Support Level — $7,200

Featured Image: Twitter

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