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.
Spot rate: $6,486
Relative change: -10
Percentage change: -0.15%
Trend: Bullish
Volatility: Shrinking
BTC/USD daily chart
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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
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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.
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
