For the by few days, Bitcoin cost (BTC) has ranged betwixt $7,400 to $7,100 and it seems bears are nifty to push button the price back below $7,000 before this week closes.

Earlier in the calendar week, MATIC made headlines after dropping more than 60% in the bridge of a few minutes and a few other Binance IEO tokens followed with double-digit losses.

Fast frontward to today and many altcoins are back to producing double-digit gains on their BTC pairs. At the time of writing Carnival (FUN) is upwards 26.half-dozen%, WAVES 15.31% and THETA 12.36% and that's just pointing out a select few.

Crypto market weekly performance. Source: Coin360

Meanwhile, Bitcoin appears surly on the 1-hour to the weekly timeframe and barring quick mean solar day trades the price activity leans towards bears and pales in comparison to what is happening with altcoins.

Interestingly, despite Bitcoin's bearish bias, Bitfinex longs have increased significantly (56%) since Nov. 22 and this shows that many traders believe the decrease in selling pressure and the concluding major drop to $six,530 on November. 25 was the bottom.

The current price action suggests otherwise, and savvy traders will call up what usually happens when either long or brusque positions skyrocket.

BTC USD Longs chart. Source: TradingView

In the issue that BTC falls below $7,080 and $half dozen,800, many analysts await the price to drop to $six,500 where the price fabricated a local bottom on Nov. 25. This would place Bitcoin price at the lower descending aqueduct trendline. Still, the volume contour visible range (VPVR) shows a lack of back up in this surface area.

BTC USD daily chart. Source: TradingView

In the daily timeframe, the moving boilerplate convergence divergence histogram (MACD) shows momentum beginning to wane and the signal line has flattened as the toll is pinched between $7,150 and $vii,300.

As mentioned in the previous assay, the VPVR suggests that demand does not really kick in until $six,000 and more than so around $5,530.

Willy Woo's Bitcoin NVT Signal shows Bitcoin's realized price at $5,619 — only a hair away from the $5,530 high volume node of the VPVR and $89 away from Bitcoin'southward realized value at $v,619.

Bitcoin NVT Signal. Source: charts.woodbull.com

Regarding Bitcoin's short-term cost action, the digital asset continues to post lower highs and is capped below the 12-period exponential moving average (EMA).

BTC USD six-hour chart. Source: TradingView

The $7,300 level is proving to exist tough resistance to overcome and currently $seven,150 and $vii,080 are acting as back up. If Bitcoin fails to hold these levels, the next expected step is a drop to $6,800.

Before opening a position, traders should wait for the price to cross above the 12-EMA and the previous lower loftier at $7,400.

BTC USD weekly chart. Source: TradingView

A glance at the weekly timeframe too shows BTC/USD hovering slightly in a higher place the 100-WMA ($7,000) for the 2nd week in a row. $7,600 is clearly shown every bit a point of claiming and any loftier volume breakout will need to sustain higher up this level.

The lower Bollinger Band arm lines up with the bottom descending aqueduct trendline at $6,466 and as mentioned earlier, $five,330 appears to be the next strong level of support.

Throughout this calendar week, traders should proceed an heart on the $vii,080 price level and the BTC/USD Longs at Bitfinex.

The views and opinions expressed here are solely those of the writer (@HorusHughes) and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves hazard. Y'all should conduct your own research when making a decision.