- Bitcoin price upside capped under two critical zones; $6.850 and $7,000.
- The technical picture shows BTC/USD bulls largely in control they prepare for takeoff above $7,000.
Many cryptocurrency analysts and enthusiasts do not buy the idea that Bitcoin has bottomed and is setting the stage for a grand rally to beat 2020 high around $10,500. Their skepticism is driven by the fact that Bitcoin tested $7,000 and failed to breakthrough. Another attempt that followed recovery from support at $6,000 on Wednesday stalled at $6,850.
At the time of writing, Bitcoin price is doddering at $6,703 following a minor upward advancement from $6,795 (opening value). Although the volatility is low, BTC/USD remains largely in the hands of the bulls. For instance, ascending channel support has stayed in place since the crash under $4,000.
Bitcoin Technical Analysis
In the last three days, the Relative Strength Index (RSI) stayed above the average (50). For now, the indicator is holding the position at 53.96. Moreover, the Moving Average Convergence Divergence (MACD) downtrend seems to have taken a breather above the mean line. As long as the MACD sits in the positive region, buyers’ influence…
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Author: John Isige