Bitcoin Price Analysis: Bitcoin Retakes $7000 Resistance After Daily 6% Increases

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RESULTS

• Bitcoin broke out from a 4-hour triangle but the bullish sentiment is still shaky under $7285
• If the price closes above $7000 today, Bitcoin could hit $8000 on a short-term rally.

After April 2 fakeout, Bitcoin traded sideways for three days and reclaims the $7000 spot today, following a nice 6% growth over the past hour. The growth has brought BTC price to around $7100 at the time of writing. This bullish sign would become valid only if the price can close above $7000 today. If not, the bullish action may still be suspended.

Key resistance levels: $7285, $7600, $8000
Key support levels: $6800, $6600, $6170

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

For the past 7 days now, the bulls have been showing a lot of commitment on the daily chart. Following the push from $6600, Bitcoin is now trading well above $7000; although it still needs to surpass, the $7285 (April 2 high) resistance before we can have a strong bullish rally.

Bitcoin is likely to create a new high around $7600 and $8000 if the mentioned resistance breaks up. $9200 may come as monthly high if we see a huge buying pressure. As of now, Bitcoin is holding support around $6800 – $6900 price area. Support below this area is $6600 and $6170, right below the triangle.

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

The latest triangle breakout suggests a bullish sign for Bitcoin on the 4-hours chart. Although, the BTC volatility is currently choppy with price bar. A huge price movement should be expected as soon as Bitcoin surpasses the $7285 rejection level last week. By then, $7600 and $8000 would be the next bullish targets.

Meanwhile, Bitcoin is currently supported by $7000. Below this support lies $6800, followed by $6600, which has been suppressing bearish pressure for the past 7 days. If Bitcoin dips below this support, we can expect huge selloff to $6170 and $5880 support, inside the grey demand area. But as it appears now, Bitcoin might show strength for the next few days.

BITCOIN BUY ORDER

Buy: $7000
TP: $7285
SL: $6922