Bitcoin Price Analysis: BTC Holds Above $6,800, Targets $7,000 Overhead Resistance

On April 1, the BTC/USD trading pair rebounded at its low of $6,180 to reach the high of $6,726. The following day a price spike catapulted the coin to a high of $7,283 and immediately the bears pulled back.

BTC/USD - 4 Hour Chart

BTC/USD – 4 Hour Chart

Today, and in the last three days, Bitcoin is relatively stable above $6,800. Besides the recent price spike, there has been price rejection at the $7,000 overhead resistance. On two occasions, the bulls have made two unsuccessful attempts to break the overhead resistance. Consequently, BTC fell and found support above the $6,800 price level. In other words, the market is consolidating above $6,800 support. Bitcoin will fall if the price rejection continues.

Recently, Bitcoin has been fluctuating between $7,000 and $6,000 since March 20. On the downside, if the bulls are repelled at the overhead resistance, the market will fall. The initial fall will be to the breakout level of $6,400. Subsequently, the price will fall to the low of $5,900, if the $6,400 support cracks. On the upside, if the bulls are successful, BTC will resume uptrend. Meanwhile, BTC has risen to level 59 of the Relative Strength Index. This indicates that BTC is in an uptrend zone and above the centerline 50. However, if the bears break and below the bullish trend line, the uptrend will be terminated.

Bitcoin Ranges above $6,800 Support

BTC/USD - Daily Chart

BTC/USD – Daily Chart

On April 1, Bitcoin attempted to move up. Luckily, BTC encountered a price spike that was repelled. The eventual high of the recent price spike turned into an upper shadow of a candlestick. Subsequently, the price bars are forming according to above the current support. This has contributed to the stability of price above $6,800 in the last three days. Meanwhile, BTC is approaching the resistance line of the descending channel. Probably, a break above this resistance line will lead to an eventual breakout or change in the trend.

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