Bitcoin Price Analysis – Bitcoin Stays Calm After Reaching $6800 Mark, Where Next?

• Bitcoin dropped gains to 1.65% today after waiting around $6700 for the past few hours
• The price is still trading well within a rising channel on the 4-hours chart.

Since our previous crypto trading analysis, Bitcoin’s price has remained under the $6900 (last week’s high) level, although the bulls managed to push the price to $6800 before meeting rejection. As of now, Bitcoin is slightly trading around $6700 against the US Dollar. We can expect massive gains once Bitcoin surpasses the $6900.

Key resistance levels: $6900, $7500, $8000
Key support levels: $6000, $5677, $5000

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin is still struggling to push higher above last week’s high – $6900, although the bulls are still nicely gaining control on the daily chart. In fact, Bitcoin has recovered over 60% from the monthly low. But the latest pause around $6700 is keeping buyers in suspense of the next possible move.

Before we can see a decent rally, Bitcoin would need to surge above the $6900, which is marked blue on the price chart. A successful climb could allow gains to $7500 and maybe $8000, where the white regression line lies. If Bitcoin drops again, the $6000 level could function as support. If this support fails, Bitcoin could slip back to the weekly low of $5677, followed by $5000.

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

Bitcoin’s recovery is captured in a rising channel formation for the past 13 days now. As we can see on the 4-hours chart, Bitcoin is still showing strength following a nice bounce off the channel’s lower boundary this week. The price is now subdued with choppy price actions after climbing to $6800 mark yesterday.

If Bitcoin resumes bullish, $7000 level would be the next buying target. Resistance after this level is $7500. Meanwhile, the buyers would need to clear the $6900 level. Inversely, a drop below the $6500 could trigger a sell to $6300 and $6000 support, right on the channel’s lower boundary. A break below this channel would cause a serious selling pressure in the market.

BITCOIN BUY ORDER

Buy: $6666
TP: $6900 / $7000
SL: $6250