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Bitcoin price has confidently crossed the $6900 mark and seems to be marching ahead towards $7100 mark. The recovery in traditional markets are providing stability to the bulls, and they are creating the momentum to touch the $7200 mark in today’s trade. Notably, the $7200 has proven to be a decent resistance point.
Crypto Market Daily Overview by Coin360.com
Bitcoin price ripe for a major move upwards?
Weekly charts demonstrate that the Bitcoin price is getting ample support at $6700. The closing price of $7300 on 19th April 2020 and the resistance proved a little too much, and the next day, the price touched the low range of $6800.
Today, the bulls seem firmly in charge of the driving seat and have confidently sustained the $7000 price point. Fibonacci retracement levels are in line with the price movement, with 0.618 retracement levels being maintained confidently. The next aim at 0.786 retracement can be a major bull trigger, and more uptrend followers join in. The bulls have also now crossed over the symmetric triangle.
Bitcoin price chart by Trading View
Speaking of technical indicators, the MACD readings are pointing towards entering the bullish zone. Another leading indicator, the 24-hour RSI, is playing with the 60 mark, which shows the Bitcoin price is eager to move forward as bulls keep hitting the buy orders. However, the CCI reading on 24-hour charts are indicating an overbought trend, and the divergence is turning negative, which may pose a problem for the bulls.
Overall, if BTC price is able to close above the $7000 mark confidently with a positive bias, the bulls will remain in the driving seat to push the price above next resistance levels at $7300, respectively.
Bitcoin Price chart by Trading View
It is able to cross the price level above $7k mark, and with the positive movement, the bulls will again face major resistance levels of $7200 and $7300, respectively.
Halving weighs on the Bitcoin price every day
The longer bulls can hold the $6800 crucial support levels, the more confident the market will be that halving won’t cause abrupt price movement downward. A successful closing above the $7200 mark this week can help Bitcoin price avoid touching dangerously low levels post halving.
BTC price next resistance levels –  $7200 and $7300
BTC price support levels – $6800 and $6700
Disclaimer: The information provided is not trading advice but informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
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Gurpreet Thind
Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.
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