Bitcoin Price Analysis: BTC/USD averts Coronavirus hostility, focuses on $7,000 psychological level

Bitcoin price bulls are focused on clearing the resistance at $7,000 to pave the way for more bullish action eyeing $8,000.
The positive technical picture continues to ignore the formation of a bearish flag pattern.

John Isige FXStreet

Spot rate: $6,486

Relative change: -10

Percentage change: -0.15%

Trend: Bullish

Volatility: Shrinking

BTC/USD daily chart

Bitcoin price remains bullish above $6,400 (immediate support area). The selling pressure at $6,600 is lagging the bullish action targeting $7,000. However, the RSI is pointing sharply upwards as a signal for a stronger bullish momentum.

The formation a bearish flag pattern, however, threatens to erase most of the progress that has been made since Friday. On the other hand, if the technical picture remains intact, there is a big chance that bullish action would continue above $7,000.

BTC/USD 2-hour chart

Bitcoin price settles above the moving averages whereby the 50 SMA is in line to offer support at $6,240 and the 100 SMA at $5,814. An ascending trendline will also function as a credible support line in addition to the buyer congestion at $6,000 and $5,500.

BTC/USD

Overview
Today last price	6459.87
Today Daily Change	-35.14
Today Daily Change %	-0.54
Today daily open	6495.01

Trends
Daily SMA20	6766.59
Daily SMA50	8446.8
Daily SMA100	8226.42
Daily SMA200	8407.6

Levels
Previous Daily High	6630.29
Previous Daily Low	5683.95
Previous Weekly High	6951.22
Previous Weekly Low	4437.02
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	6268.79
Daily Fibonacci 61.8%	6045.45
Daily Pivot Point S1	5909.21
Daily Pivot Point S2	5323.4
Daily Pivot Point S3	4962.86
Daily Pivot Point R1	6855.55
Daily Pivot Point R2	7216.1
Daily Pivot Point R3	7801.9

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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Bitcoin Price Analysis: BTC/USD averts Coronavirus hostility, focuses on $7,000 psychological level