Bitcoin Bulls Defend $7,450 But Need Progress Soon

Bitcoin needs to capitalize on the defense of a key Fibonacci support of $7,450 to avoid further decline towards the $7,000 mark.

AccessTimeIconAug 2, 2018 at 11:00 a.m. UTC
Updated Sep 13, 2021 at 8:14 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Having defended the key support of $7,455, the bitcoin bulls now need a quick move higher in order to neutralize the threat of a short-term bearish reversal.

As of writing, the cryptocurrency is trading at $7,560 on Bitfinex – down 11 percent from the recent high of $8,507. However, that still marks a gain of more than 30 percent from the June 24 low of $5,755.

So, it is safe to say the bullish trend is still intact. Further, BTC's solid defense of $7,455 (38.2 percent Fibonacci retracement of the rally from the June low) seen in the last 28 hours has raised the prospect of a minor corrective rally.

However, the bulls have little margin for error and the upside needs to gather traction soon as the short-duration technical studies have already adopted a bearish bias, as seen in the chart below.

Daily chart

The bearish crossover between the 5-day and 10-day moving averages (MAs) indicates a short-term bearish setup. Further, the relative strength index (RSI) has breached the key ascending trendline in favor of the bears.

Hourly chart


The 50-hour, 100-hour, and 200-hour MAs are trending south and are located one below the other, indicating the path of least resistance is to the downside. Meanwhile, the RSI has dropped below 50.00 (in bearish territory).

Clearly, the short-term charts are aligned in favor of the bears. So, there is a real risk of BTC falling below the crucial support of $7,455 in the next 24 hours.

Moreover, acceptance below that level would only bolster the already bearish setup discussed above and would confirm a short-term bullish-to-bearish trend change.


  • BTC's solid defense of $7,455 (38.2 percent Fibonacci retracement) is encouraging, but a positive follow-through needs to happen soon to invalidate the short-term bearish technical studies.
  • A lack of positive follow-through in the next few hours will likely yield a drop below $7,455.
  • A daily close (as per UTC) below $7,455 would confirm a short-term bullish-to-bearish trend change and would open the doors to $7,000 (psychological support).
  • On the higher side, a close (as per UTC) above $8,000 would put the bulls back into the driver's seat.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; Charts by Trading View


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.