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  • Bitcoin price gained some further upside momentum in the latter stages of trading on Friday, seen up just shy of 4%.
  • BTC/USD breaks above near-term resistance of $6500-600. Next challenge for the bulls just ahead prior to the $7000 figure.

The Bitcoin price was seen holding gains just shy of 4% in the latter stages of trading on Thursday, after an initially slow session. However, the bulls managed to turn it up a notch with the buying pressure, seeing the price take out a key near-term area of resistance.

BTC/USD price action sparked some attention of the possibility for a head and shoulders formation, however, given the recent resistance breakout from the bulls, this pattern could be redundant. Bitcoin had already seen the left shoulder and head form, a decent amount of bidding has been since the bounce at $6330, which would be the neckline area.

Technically, should momentum remain with the bulls and they further capitalise on the recent resistance clearance, between $6500-600, then $7000 could likely be tested again in the not so distant future. Next immediate supply is eyed between $6700-800. Support seen at prior supply, around $6500 and then $6330, ascending trend line, still possible neckline.

 

BTC/USD 4-hour chart