- Bitcoin breaks over $7k but remains stuck at the lower $7k region
- Analysts points out to factors that could push Bitcoin’s price over that level
- Bitcoin finds strong support around the $6,600 region
Bitcoin News Today – The massive overnight rally of Bitcoin (BTC) is stuck within the lower-$7k region. The world’s largest digital currency has not been able to surmount the heavy selling pressure that has been established just over its current price. The inability of Bitcoin to surge higher regardless of the unconcealed bullishness of its sharp rally from the low of $6,600 might stop in part from the fact that BTC is now heading towards a critical technical hurdle point.
Nevertheless, there are a few factors that can help the digital currency break over this level. Two major influences that are analysts are currently looking towards are the resting liquidity and the untapped supply zone.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin’s Price Is Trapped at the Lower $7k Region
At press time, the world’s most dominant digital currency is trading at $7,102 after an increase of about 4 percent over the past day. The digital currency is currently trading up significantly from its daily low of beneath-$6,600. Bitcoin has found strong support at the price range that proves to be enough to push the price of the digital currency higher.
Over the past couple of weeks, the major hurdle points for the digital currency has been between $7,200 and $7,500, and it is not showing any signs of degrading anytime soon. The recent rejection around the $7,200 clearly confirms that the digital currency is facing a stiff hurdle. Currently, Bitcoin is also pushing up against 50 Moving Average on its daily chart, which is also acting as some sort of resistance.
In a recent tweet, a pseudonymous digital currency trader talked about this level. He explained that a break over that level before the daily close would be notable. His tweet states:
“BTC – first intraday break of the MA50 daily chart…a close above would be notable,”
Bitcoin Might Resume Its Rally Soon
Regardless of the signs of weakness that Bitcoin is showing as it struggles to break out of the lower $7k region, it is worth noting that there are a few technical factors that could help push the price of the digital currency over its major hurdle zone and MA50.
Another popular crypto analyst on Twitter pointed out to some of these factors. The analyst referenced the resting liquidity just over the current price of the digital currency and its untapped supply zone. In a tweet, he said:
“BTC: 12H broke MS to the upside after sweeping Monday’s low into a pivotal level. Resting liquidity to the upside along with a remaining inefficiency and untapped supply. I’m favoring longs at the moment,”
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.