Bitcoin Price Watch: Bitcoin On Bullish Run, Testing Major ResistanceBitcoin is currently on another bullish run after establishing a support at $6,600. The current bull run is testing a major resistance at $6,800. Bitcoin’s short-term moving averages indicate that buyers could be shaking off the recent selling pressure, and more upside action should materialize. A break above the resistance could send BTC/USD back to the $7,000 level. On the downside, it would take a dramatic decline for Bitcoin price to sink below $6,500 to a retracement level around $6,300. The technicals chart confirms the current bull run. The MACD crossover is sending a bullish signal, while the RSI places Bitcoin in overbought territory.
Looking at the Technical Indicators:
Hourly MACD — Bullish signal
Hourly RSI — Bitcoin is in overbought territory
Major Resistance Level — $6,800
Major Support Level — $6,600