Bitcoin price analysis: BTC/USD calm after the storm explodes in magnificent fireworks testing $6,700

The market is painted in green today. The consolidation over the weekend has paid off greatly. In fact, the entire crypto market has added a massive $14 billion in a single day. The last week saw cryptocurrencies lose their feet and tumble past lifesaving support areas. Bitcoin, for example, dropped massively from slightly above $6,500 only to defend the support at $6,600 after trading lows of $6,060.

Bitcoin was stuck in a range below $6,250 while strongly supported at $6,100. The short-term trendline resistance also limited the gains around the same level. Besides, both the 50 SMA and the 100 SMA did not make the situation easy for the buyers. However, a breakout occurred around the opening of the session on Monday 15. BTC/USD sprung up in two bullish engulfing candles. The bulls reclaimed several broke support levels at $6,300, $6,400 and eventually broke above $6,600 before coming to a halt on testing $6,700.

At the moment, Bitcoin has corrected lower from the intraday high. Nevertheless, the bulls seem to be reaffirming the support at $6,400. There is a bullish move above this support with BTC/USD currently exchanging hands at $6,421. Technical indicators are still sending bullish signals. The MACD is deep in the positive region while the RSI has retreated from the upper green region and is ranging at $60. It is likely that Bitcoin will recover above $6,500 in the near-term and correct above $6,600 in the medium term. Besides, buyers have eyes on $7,000 as they wait for the end year surge (based on predictions).

BTC/USD hourly chart