Bitcoin Price Analysis: BTC Price Crosses $6800 After Long Consolidation Period

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Bitcoin price has finally crossed the price mark of $6800 indicating bulls are marching for $7k.
  • Bitcoin’s current price now is at the level of $6820.
  • The bulls are providing the largest crypto asset positive momentum in the market which can be able to cross above $7k mark.

Capture
Source: Coinmarketcap

On a 7day-weekly chart, Bitcoin started with a support level of $6500. However, it gained significant negative momentum and had a closing of $5,900 on March 29th, 2020. The closing price acted as a major support level which indicated that BTC will attempt to cross the crucial level of $6k. The bulls performed as expected and BTC was successful in crossing $6k mark again.

It is expected that the bulls for BTC are for a longer duration as it is able to sustain the mark in today’s market. The current price of BTC is $6822.58 with a positive movement of 9.28%. The market capitalization is $124,331,572,752 with volume traded of $42,072,848,934.  The current circulating supply is 18,289,625 BTC. The market dominance for BTC in the crypto market remains at 65.40%.

Bitcoin (BTC) Price Analysis

Screenshot (149)
Source: Tradingview

Fib retracement levels show that BTC has been able to sustain above the level of 0.618 and further aiming to reach the level of 0.786 which is a major indicator for a bullish move. The symmetric triangle was also broken positive by BTC bulls.

Screenshot (147)
Source: Tradingview

The MACD levels have reached a bullish zone, which is a positive sign for BTC bulls. The 24hour-RSI is reaching at the bullish level of 60. The 24hour-CCI nearly touched the overbought region but had negative divergence to remain in the normal region which indicates that bulls are able to maintain sustainability over the price level

OBV levels show that BTC is successful in avoiding any major further downfall in the market for the past few days. It can be indicating that BTC is preparing for a significant bullish move ahead in the market.  

Overall, If Bitcoin is able to cross the price level above $7k mark and with the positive movement it is able to cross another crucial level of $7500, we can see the largest cryptocurrency in the world to cross again the major level of $8K.

Resistance Levels: $6900 and $6950
Support Levels: $6700 and $6500

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