- Bitcoin price buyers keen on nurturing the uptrend towards $7,000 after finding support above $6,400.
- The IMF remains optimistic about a global economic turnaround in 2021.
- Bitcoin price step above $7,000 is likely to cement the bulls’ position on the market.
Bitcoin price bulls are concentrating on one key resistance; $7,000. The surge on Friday last week pulled BTC/USD from lows under $5,500 to highs touching the coveted $7,000. However, the weekend action remained drab as the buyers lost traction amid increased bearish action. Various support areas were confirmed including $6,000, and $5,800. Bitcoin price commenced this week’s trading battling tooth and nail to force a reversal targeting $7,000.
At the time of writing BTC/USD is doddering at $6,558 after a 1% growth on the day. The current trend is bullish but the volatility is low, which means that rapid movement north is unlikely in the short term.
IMF envisions global economic turnaround in 2021
The cryptocurrency market led by Bitcoin is nurturing a recovery following the recent Coronavirus induced crash. Global economies are on the verge of recession due to the pandemic. Consequently, a report regarding the meeting of the G20 finance ministers and central bank governors on COVID-19, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva, global economies are likely to face a recession far worse than the one between 2007 and 2008. However, Georgieva remains optimistic that economic recovery will take place in 2021 as long as countries continue to prioritize health systems to curb the spread of the virus.
Read more: Bitcoin Price Analysis: BTC/USD averts Coronavirus hostility, focuses on $7,000 psychological level
Bitcoin price confluence support and resistance
Resistance one: $6,694 – Highlights the previous high one-day, the Bollinger Band 15-mins upper and the previous high 1-hour.
Resistance two: $6,969 – Hosts the previous week high.
Resistance three: $7,106 – Highlights the pivot point one-month support two.
Support one: $6,420 – Home to the previous low 4-hour, the Fibonacci 23.6% one-day and the SMA 100 4-hour.
Support two: $6,214 – Highlights SMA ten 4-hour, the BB 4-hour middle curve, the SMA 200 15-mins, and the SMA 50 1-hour.
Support three: $5,872 – The SMA 200 1-hour and the SMA 50 4-hour.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
![Solana plunges as ETF speculators bet billions on XRP and DOGE](https://editorial.fxsstatic.com/images/i/SOL-bearish-animal_Medium.png)
Solana plunges as ETF speculators bet billions on XRP and DOGE
Solana (SOL) price tumbles as low as $180 on Monday, down over 9% in three consecutive days of losses. Bearish dominance in the SOL derivatives markets suggests the downtrend could extend in the week ahead.
![Shiba Inu Price Analysis: SHIB whale demand declines 88% amid two-week consolidation phase](https://editorial.fxsstatic.com/images/i/SHIBA%20INU_Medium.png)
Shiba Inu Price Analysis: SHIB whale demand declines 88% amid two-week consolidation phase
Shiba Inu (SHIB) price opened trading around the $0.000016 mark on Monday, having consolidated within a 5% tight range over the last two weeks.
![Solana-based meme coin LIBRA controversy heats up, Argentina President hit by lawsuit](https://editorial.fxsstatic.com/images/i/SOL-neutral-object_Medium.png)
Solana-based meme coin LIBRA controversy heats up, Argentina President hit by lawsuit
Argentina’s President Javier Milei faces charges of fraud for the promotion of LIBRA meme coin on the Solana blockchain. An on-chain intelligence tracker links LIBRA meme coin to MELANIA and claims that the creator extracted $100 million from the former.
![Bitcoin Price Forecast: BTC stalemate soon coming to an end](https://editorial.fxsstatic.com/images/i/BTC-neutral-object_Medium.png)
Bitcoin Price Forecast: BTC stalemate soon coming to an end
Bitcoin price has been consolidating between $94,000 and $100,000 for almost two weeks. US Bitcoin spot ETF data recorded a total net outflow of $580.2 million last week.
![Bitcoin: BTC consolidates before a big move](https://editorial.fxsstatic.com/images/i/BTC-neutral-object_Medium.png)
Bitcoin: BTC consolidates before a big move
Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.
![The Best Brokers of the Year](https://editorial.fxsstatic.com/images/Brokers/Editors_Pick_Box_395x179_Medium.png)
The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.