- BTC/USD price has finally crossed the price mark of $6900 indicating bulls are marching for $7k.
- Bitcoin’s current price now is at the level of $6960.
- The bulls are providing the largest crypto asset positive momentum in the market which can be able to cross above $7k mark.
- However, BTC’s bullish momentum is getting reversals from the major resistance level of $7200.
On a 7day-weekly chart, Bitcoin started with a support level of $6700. However, it gained significant positive momentum and had a closing of $7,300 on April 19th, 2020. The closing price acted as a major resistance level which indicated that BTC can face severe downtrend. The bears performed as expected and BTC went down to the level of $6800 again the next day.
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 $6962.59 with a positive movement of 1.28%. The market capitalization is $127,331,572,752 with volume traded of $31,072,848,934. The current circulating supply is 18,289,625 BTC. The market dominance for BTC in the crypto market remains at 63.50%.
Bitcoin (BTC) Price Analysis
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.
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 the oversold region which indicates that bulls are not able to maintain sustainability over the price level
Overall, If Bitcoin is able to cross the price level above $7k mark and with the positive movement, the bulls will again face major resistance levels of $7200 and $7300 respectively.
Resistance levels: $7200 and $7300
Support Levels: $6800 and $6700
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.