Bitcoin Price Analysis: BTC/USD range-bound between $6,700 and $7,000

Bitcoin price remained relatively stable throughout the weekend session. There was limited action to the north with the barrier at $7,000 impenetrable. On the downside, buyers were able to sustain the price above $6,700. In other words, Bitcoin is range-bound between $6,700 support and $7,000 resistance.

At the time of writing, Bitcoin is trading at $6,847. The week’s trading has commenced with a bullish push owing to BTC/USD advancement from $6,777 (opening value). The 4-hour chart shows Bitcoin trading above the moving averages, where the 200 SMA offers immediate support while the 50 SMA is holding the ground at $6,566.

Moreover, the RSI emphasizes that buyers have the upper with an upward motion above 50. At the same, the MACD is holding firmly within the positive region, further cementing the bulls’ position in the market.

Bitcoin broke above the resistance at $7,000 last week but the momentum lost steam short of $7,300. Such a breakout is required to change the focus from $7,000 to $8,000. Moreover, it will encourage more buyers to join the market.

BTC/USD 1-hour chart