- Bitcoin now only trades 1% higher after spiking through 7K earlier on in the session.
- The price could now move back below the pivotal 6650.00 level.
BTC/USD daily chart
Bitcoin had a dramatic rise through 7K and has now pared most of those gains and only trades 1% higher. The key is if now the price moves back into the previous distribution between 6650.00 and 4K. This would then mean a bear trend could start again. The day is not over so there could still be a positive close if there is a buying spree as the Asian market opens.
On the shorter-term charts, the market is still making higher lows and higher highs. This is in stark contrast to the daily timeframe where this could just be a lower high wave. It is not often that we get such a divergence between the timeframes but at the moment it’s clear to see that upper levels are not being accepted by the market.
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Additional levels
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