Bitcoin Price Analysis: BTC/USD a surge of upside momentum to retest $7000 and bearish flag

Bitcoin price is trading in positive territory, up 5.40% in the second half of the session.
BTC/USD caught a big bid at the $6500 area, with a big wave of momentum.
The bulls will need to hold above $7000, for greater upside.

Ken Chigbo Independent Analyst

BTC/USD daily chart

The bulls are making an attempt to break above the psychological $7000 price mark, however, supply remains heavy around this area. A retest of a breached daily flag is also eyed.

BTC/USD 60-minute chart

A chunky bout of buying pressure came into play early in the European session, around the $6400-500 territory, a known area of demand. Upside, however, was capped, by the big $7000 price mark.

Spot rate: 6979.25

Relative change: +5.40%

High: 7145.37

Low: 6466.48

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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