Bitcoin price rallied recently above the $6,720 and $7,080 resistance levels. BTC/USD corrected lower from the $7,281 high and is currently setting itself up for more upsides.
Recently, the bitcoin price started a strong upward move from the $6,520 support base. BTC/USD surged above the $6,840, $6,880 and $6,920 resistance levels.
Looking at the 1-hour chart, the price even climbed above the $7,080 resistance and settled well above the 25 simple moving average (1-hour, orange). It traded as high as $7,281 and recently corrected lower.
The market data is provided by TradingView, Bitfinex.
There was a break below the $7,000 level, but the previous resistance near the $6,720 level is now acting as solid support. A swing low is formed near $6,689 and the price is currently consolidating.
Besides, the bitcoin price is trading inside a contracting triangle with resistance near $6,840 on the same chart. The triangle resistance is near the 23.6% Fib retracement level of the recent correction from the $7,281 high to $6,689 low.
If there is an upside break above the triangle resistance, the price could attempt to clear the $6,880 and $6,920 resistance levels.
The next major resistance is near the $6,985 level. It represents the 50% Fib retracement level of the recent correction from the $7,281 high to $6,689 low.
A successful break above the $6,985 and $7,000 resistance levels could open the doors for a larger upward move in the coming sessions. The next resistance is near the $7,280 level, followed by the $7,420 level.
Clearly, bitcoin bulls are back in action and it seems like they are aiming for a larger upward move above $7,000 and $7,080 in the near term.