Bitcoin Price Analysis: BTC/USD a surge of upside momentum to retest $7000 and bearish flag
|- Bitcoin price is trading in positive territory, up 5.40% in the second half of the session.
- BTC/USD caught a big bid at the $6500 area, with a big wave of momentum.
- The bulls will need to hold above $7000, for greater upside.
BTC/USD daily chart
The bulls are making an attempt to break above the psychological $7000 price mark, however, supply remains heavy around this area. A retest of a breached daily flag is also eyed.
BTC/USD 60-minute chart
A chunky bout of buying pressure came into play early in the European session, around the $6400-500 territory, a known area of demand. Upside, however, was capped, by the big $7000 price mark.
Spot rate: 6979.25
Relative change: +5.40%
High: 7145.37
Low: 6466.48
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.