- Bitcoin bulls wake up from slumber as Bitcoin smashes above $7,000.
- The resistance at $7,400 and $7,600 must come down to leave the path to $8,000 in the clear.
A ray of hope is shining above the cryptocurrency market on Tuesday. The majority of the cryptoassets are in the green after a strenuous few days. Bitcoin, in particular, is trading at $7,139 after adjusting from intraday highs of $7,157. BTC/USD kicked off the day’s trading around $7,125 and has touched a low at $7,123. Amid the expanding volume, Bitcoin’s trend is turning bearish according to the cryptocurrency live rates.
The recovery staged from lows at $6,534 shot above several resistance zones, including $6,800, $7,000, and $7,200. Attempts to push past the 50% Fibo of the last drop from $8,236.53 to a low around $6,534.80, failed to materialize. Instead, Bitcoin is gravitating towards $7,000.
The 50 SMA protects the immediate downside on the 1-hour chart. The former resistances at $7,000 and $6,800 are now functioning support areas. The RSI is grinding back to 50 after failing to break into the overbought. On the upside, the pressure is felt at the 38.2% Fibo (100 SMA), 50% Fibo at $7,400) and $7,600.
BTC/USD 1-hour chart