Bitcoin Technical Analysis: BTC/USD bulls are not far away from re-testing $8000, given the gradual breakdown of touted sell zone

• Bitcoin was seen holding modest gains of 0.75% through the mid-point of the session, with bulls looking set to build on momentum.
• BTC/USD recent price action is pointing to a potential rally to the upside, should barrier ahead be cleared.
• Bulls are looking at gunning past the resistance zone seen between $7700-7800, to push forward back up to $8000 territory.
• David Siegel, co-chairman of Two Sigma, a hedge fund with $52 billion under management said: “I guess I’m a little sceptical that cryptocurrencies are going to hold value the way people expect that they will.” Adding: I think the blockchain is a really fantastic technology”¦the blockchain is really going to have genuine applications.”

BTC/USD 60-minute chart

Spot rate:                                     7712.20

Relative change:               +0.75%

High:                                                      7756.30                  

Low:                                                       7653.90

Trend:                                                   Neutral/Bullish

Resistance 1:                           7737.00, (resistance on 60-minute chart)    

Resistance 2:                           7770.00, 3rd June high.

Resistance 3:                           7700-800, supply zone.

Support 1:                                   7630.00. 50MA.

Support 2:                                     7605.50, 100MA.

Support 3:                                     7491.40, 6th June low.