Bitcoin Price Analysis: Bitcoin Bounces Back Above $7000 After 10 Days Correction

• After breaking above $7000, Bitcoin remained indecisive due to low buying volume
• Bitcoin is looking bullish but a drop below $6900 could introduced sellers back in the market

Yesterday, Bitcoin finally decided on where next it’s heading following a quick pump from $6500 (which now holds as weekly support) to $7200, which suppressed bullish actions for the past hours now.

Since then, Bitcoin has been consolidating above $7000, suggesting an indecisive market. The next price movement would tell if the bulls can sustain pressure or not. For now, Bitcoin is trading around $7060 against the US Dollar.

Key resistance levels: $7200, $7450
Key support levels: $6900, $6600

Bitcoin (BTC) Price Analysis: 4H Chart – Bullish

After a 10 days correction to $6500, Bitcoin changed the direction of the market with a 12% surge to bring the bulls back in the market. In fact, this surge led to breakout at a descending trend line that was forming since February. Up till now, Bitcoin is still trading above this line and at the same time following an ascending channel pattern.

But it appeared buyers are facing resistance around $7200 at the moment. If they can push successfully above this resistance, the $7450 (monthly high) resistance might come into play. A cross above this monthly high would confirm a strong bullish continuation. On the downside, $6900 remains a key support level for Bitcoin. The bears may release pressure to $6600 again if a breakdown occurs.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin climbs above $7000 following a sudden price increase from a channel’s support yesterday. The huge buying volume also led to a breakout on the descending channel, as can be seen on the hourly chart. After breaking to $7200, Bitcoin dropped and remained calm around $7060.

If buying volume increases, Bitcoin is likely to push further above the grey resistance area of $7200 – which prevented recent buying pressure. The next resistance above this area is $7300 and $7450.

But if buying volume continues to drop, a pullback is likely to $6900 support, around the channel’s resistance. Bitcoin may roll back to $6700 and $6600 (inside the channel) if a break down occurs. As of now, it appeared Bitcoin is waiting for the next upward rally.

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