Bitcoin price analysis: BTC/USD rangebound ahead of crucial resistance

50-DMA caps the upside for BTC/USD.
The technical picture looks positive as long as the price above $6,484.

Tanya Abrosimova Independent Analyst

Bitcoin is dancing around $6,700 handle, unchanged both on a daily basis and since the beginning of the day. The digital coin Bo. 1 is rangebound after a short-lived spike to $6,894 on Saturday as the market cannot find convincing reasons to buy.

While Bitcoin gained about 7% on a weekly basis, having finished the second green week in a row for the first time since the end of April. This is a good signal for the long-term Bitcoin players as it means that the upside may be gaining traction. However, the price needs to sustainably break above $6,909 (50-DMA) followed by psychological $7,000 to confirm further recovery and make buyers more confident. The ultimate resistance is seen at $7,700 with 23.6% Fibo retracement on approach ( $7,683).

On the downside, the coin is safe as long as it stays above pivotal $6,484. Once this crucial support is cleared, the downside may be extended back to $6,000. This will mean that the recovery is over and the downside trend is gaining strength once again.

BTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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