Bitcoin Price Analysis – Bitcoin Regains Momentum Above $6k Following 20% Surge Overnight

 

• BTC bears lost control to the bulls as they now charge towards $7000 level
• After recovering from $4000 (Bitfinex), Bitcoin has established new support around $6000

Following a 20% increase under 24-hours, Bitcoin finally broke through a key level of $6000, followed by $6500, which the price just surpassed a few minutes ago. At the moment, Bitcoin is trading around 6550 against the US Dollar. Meanwhile, BTC volume is increasing again. If Bitcoin manages to close well above the $6500 today, we can expect more gains to come in the next few days.

Key resistance levels: $7000, $8000
Key support levels: $6500, $6000

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

After leaving the $6000 (now support) level yesterday, Bitcoin continued to show strength towards the $7000, which is another important level for the bulls to validate more gains. As we can see from the daily chart, the last two price bars show a huge buying volume in the market.

If we continue to see this positive action for the next few days, Bitcoin is likely to reclaim the $8000 resistance, from where price sold off on March 12. For a pullback, there’s strong support at $6000 in case the $6500 fails to hold as support. Looking at the current price actions, buyers have stepped back into the market.

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

We can see the whole scenario here on the lower time frame. After breaking out from the yellow regression trend line, Bitcoin made a nice increase above the tough level of $6000. This breakout has now brought the bulls back in control. If the price continues to increase, the next key level to watch is $7000.

Above this level lies the $7500. If Bitcoin pushes further, buying pressure would reach the $8000 resistance, which is marked blue on the price chart. If the buyers fail to mount pressure, Bitcoin may pull back a bit to recent break level $6500. A drop below it may bring us back to $6000 support, where the white horizontal line lies. The bulls may find it difficult to regroup back if the support breaks.

BITCOIN BUY ORDER

Buy: $6525
TP: $6800 / $7000
SL: $6412