BTCUSD $7,700 pivotal
Bitcoin is struggling to find a clear directional bias on Thursday after the recent rally towards the $8,500 level was quickly sold lower. The BTCUSD pair’s 100-week moving average, at $7,700, is currently acting as a major pivot and containing further losses. The $6,600 level could come into focus if a bearish break occurs, while the $9,000 level still remains the likely near-term bullish target.
The BTCUSD pair is only bullish while trading above the $8,300 level, key resistance is located at the $9,000 and $9,600 levels.
If the BTCUSD pair trades under the $8,300 level, sellers may test towards the $7,700 and $6,600 support levels.