- Bitcoin price has continued to defy the bear pressure mutilating the majority of altcoins in the market; BTC/USD breaks above $7,000.
- Technical indicators send bullish signals; the stochastic is ranging at 87.92% while the 100SMA is above the longer term100SMA.
Bitcoin price has just broken above the significance hurdle at $7,000 for the first time since the declines that had it trade below $6,000 and close to the primary support at $5,800. This move confirms that the buyers are back and this time they are unstoppable. In an earlier analysis published by FXStreet, Bitcoin had broken above $6,900 but was facing some resistance at $6,930. The uptrend was triggered after BTC/USD broke out of the contracting triangle resistance at $6,748.04.
The pullback that followed culminated in an engulfing candle past the key resistance at $6,800 and eventually traded above $6,900. The buyers lost momentum as the price came close to $6,930. Subtle bear corrections ensued leading to a slide below $6,900 but the declines found a support at $6,867.88. Bitcoin pulled up again above $6,900 trading above the short-term resistance at $6,930, which paved the way for the progressing spike above $7,000.
Technical indicators send bullish signals; the stochastic is ranging at 87.92% while the 100SMA is above the longer term100SMA. A look at BTC/USD chart shows that the path of least resistance to the upside. For the bulls, a support above $7,000 is essential for a trajectory path towards $7,500 and eventually $8,000.
There are other support areas at $6,900, the 50SMA (1-hour chart) currently at $6,756.45 and the 100SMA currently at $6,708.10 while a stronger support is highlighted at $6,700.
BTC/USD hourly chart
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