BTC/USD On Bullish RunThe latest price recovery puts Bitcoin on another bullish run. The SEC decision yesterday puts Bitcoin back in bull territory with solid buying interest from investors. A major support has been established at $6,450, and a bullish trend line began to form at that price point. Another bullish trend formed around $6,550, testing its earlier resistance of $6,650. A break above that could see BTC/USD close near $6,800. A subsequent upward run would pave the way for $7,000 in the short term.
Source: TradingviewLooking at the chart, Bitcoin is currently trading in the $6,500-$6,600 price range. There may be a slight downward action toward the support as indicated by the MACD. The RSI indicator shows that Bitcoin is being oversold, so it’s likely an increasing buying pressure could propel BTC/USD further up.
Looking at the Technical Indicators:
Hourly MACD — Bearish signal
Hourly RSI — Bitcoin is in bullish zone
Major Resistance Level — $6,650
Major Support Level — $6,450