Bitcoin Price (BTC) Accelerating Gains, Can it Break $7k?

Bitcoin price made a nice upside move above $6,000 against the US dollar. BTC/USD is accelerating gains and is likely to test the $6,800-7,000 resistance zone.

The past two days were bullish as bitcoin and altcoins gained traction and jumped higher. BTC price broke a major resistance near $6,300 and moved into a positive zone. Similarly, Ethereum price cleared the $450 sell zone and is likely approaching the $500 level. Ripple lagged bullish momentum and is still struggling to settle above the $0.50 resistance.

Key Points

• Bitcoin price broke a major resistance near $6,300 to gain momentum against the US Dollar.
• There was a break above an important bearish trend line with resistance at $6,350 on the 4-hours chart of the BTC/USD pair.
• The pair is now trading in a positive zone with the next resistance at $6,750 and $7,000.

Bitcoin Price Forecast and Analysis (BTC/USD)

Bitcoin price formed a solid support base near the $5,760 level against the US Dollar. It seems like the BTC/USD pair formed a double bottom pattern near the $5,750 level and jumped higher (chart data feed of Coinbase).

During the upside move, the price broke a crucial resistance near the $6,300 level, which opened the doors for more gains. More importantly, the price settled above the $6,400 level, and the 100 and 55 simple moving averages (4-hours).

Additionally, there was a break above an important bearish trend line with resistance at $6,350 on the 4-hours chart of the BTC/USD pair. It is now trading above the 38.2% Fibonacci retracement level of the last decline from the $7,746 high to $5,767 low.

On the upside, the next resistance is near the $6,750 level. It is the 50% Fibonacci retracement level of the last decline from the $7,746 high to $5,767 low. Moreover, the $6,800 level may well prevent gains since it was a support earlier.

Once the price breaches the $6,750 and $6,800 resistance levels, it is likely to test the $7,000 level. In the mentioned case, there are high chances that bitcoin price will clear the $7,000 level to trade towards the $7,250 level.

Overall, the price action is positive and BTC may perhaps continue to move higher as long as it is above $6,300.