Bitcoin Price Analysis: Bitcoin Surges Above the $6700 handle; Is $7000 Next?

Bitcoin Price Analysis

Bitcoin Price Analysis: Bitcoin Surges Above the $6700 handle; Is $7000 Next?

Bitcoin has seen 2.59% increase in price over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $6691 after seeing a small 3.63% price increase over the past 7 trading days.

Key Highlights

  • Since our last analysis, Bitcoin retraced into the short term .618 Fibonacci Retracement level and rebounded.
  • It has recently broken back above the $6700 handle with a price surge.
  • Support levels moving forward; $6665, $6639, $6557, $6453, $66384, $6258 and $6189
  • Resistance levels moving forward; $6715, $6775, $6824, $6862, $6945 and $7027

Bitcoin remains the number 1 ranked currency in terms of overall market cap across the entire industry. It currently has a total market cap value of $115 billion after the cryptocurrency finally sees a +3.91% 90-day increase. The 65-month-old coin is still trading at a value that is 65% lower than its all-time high price.

Let us continue to analyse price action for Bitcoin over the short term and update our support and resistance levels.

Bitcoin Price Analysis

Bitcoin BTC/USD – SHORT TERM – DAILY CHART

Bitcoin Price Analysis
Chart Source: TradingView

Analysing the market from the hourly charts above, we can see that, since our last analysis, Bitcoin came right down into our expected support area at the short term .618 Fibonacci Retracement level (drawn in green) priced at $6383. As the market approached this area, price action was supported heavily and rebounded.

We can see that price action rebounded and continued to rise until it met resistance at the short term .382 Fibonacci Retracement level priced at $6557. The market had then established a short term trading range, bound between the $6557 handle as the upper boundary and the long term .618 Fibonacci Retracement level (drawn in black) priced at $6453 as the lower boundary.

We can see that price action has recently broken up above the upper boundary of the trading range and has surged into resistance provided by the 1.272 Fibonacci Extension level (drawn in red) priced at $6715.

Moving forward, if the bulls continue with their bullish momentum and push Bitcoin price above the resistance seen at $6715 then we can expect immediate significant resistance above to be located at the. 1.414 Fibonacci Extension level (drawn in red) priced at $6775. Further resistance located above this level can then be expected at the long term .382 Fibonacci Retracement level (drawn in black) priced at $6824.

Further resistance located above this level can then be expected at the 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $6945 and $7027, respectively.

Alternatively, if the bears re-enter the market we can expect immediate support located below to be expected at the short term .236 Fibonacci Retracement level (drawn in green) priced at $6665 followed by the long term .5 Fibonacci Retracement level (drawn in black) priced at $6639.

Further support expected below this level can then be expected at the long term (drawn in black) and short term (drawn in green) .618 Fibonacci Retracement levels priced at $6453 and $6383, respectively.

Summary
Bitcoin Continues to Trade Sideways in a Short-Term Range; Can the Bulls Push Price Action Above $6557?
Article Name
Bitcoin Continues to Trade Sideways in a Short-Term Range; Can the Bulls Push Price Action Above $6557?
Description
Bitcoin has remained relatively stable over the past 24 hours of trading, only moving a small +0.06%. The cryptocurrency is currently exchanging hands at a price of $65322 after seeing a small 1.26% price increase over the past 7 trading days.
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Author: Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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Yaz Sheikh 71 Articles

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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