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Bitcoin Price Analysis: BTC/USD came close to $7,000 but the time bulls may have to wait a bit longer

  • BTC/USD has recovered from the recent low on approach to $6,700.
  • Bulls may have trouble taking the price above $7,000.
Bitcoin Price Analysis: BTC/USD came close to $7,000 but the time bulls may have to wait a bit longer
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD resumed the upside trend after a short-lived retreat to $6,730 during early Asian hours. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction. A sustainable move above $7,000 will bring $7,300 back into focus and improve the technical picture. Bitcoin has gained nearly 2% since the beginning of the day and over 3% on a day-to-day basis.

BTC/USD: Technical picture

On the intraday charts, BTC/USD is moving along SMA50 30-min (currently at $6,800). This area creates the first line support that may slow down the correction. Considering that the RSI has reversed to the downside from the overbought territory, BTC/USD may retest the above-said barrier before another attempt at $7,000. If $6,800 is broken, SMA100 30-min at $6,600 will come into focus, followed by $6,500 that served as a strong resistance during the consolidation period at the beginning of the week. Currently, it is reinforced by SMA50 4-hour.

BTC/USD 30-min chart

On the upside, once $7,000 is out of the way, the recovery will gain traction. The upside momentum may take the price towards $7,254 (Thursday's high) and $7,300. This resistance area is strengthened by an upper line of a triangle formation on a daily chart. The next resistance is created by SMA50 daily at $7,700 and psychological $8,000.

BTC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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