The value of Bitcoin (BTC) is still correcting higher inside its rising wedge formation, but the digital currency may be due for a breakout over the $7k mark very soon. Yesterday, the world’s most valuable digital currency – Bitcoin (BTC) – looked oversold, according to the short-term indicators, having increased to $6,681 on Monday – which is its highest level since June 22.
Bitcoin Price Today: Current Price of BTC
Consequently, the value of the coin declined to $6,414 earlier today, but at the time of writing, the digital currency is now trading at $6,675 after an increase of 2.7 percent in the last twenty-four hours. BTC has a market cap of $114.35 billion and a trading volume of $4.40 billion.
Clearly, the bulls have established their presence in the crypto market, and the probability of Bitcoin surging to the $7k mark is very high while the coin is currently trading over its previous resistance level.
The Four-Hour Chart of Bitcoin (BTC)
On Saturday, Bitcoin crossed the double bottom neckline resistance level of $6,341, signaling a short-duration bullish reversal and paving ways for the $7k level. In addition, the digital currency built a nice bottom around its previous resistance level before consolidating to the high of $6,681 on Sunday.
At the moment, Bitcoin (BTC) has a strong support at the $6,341 level and only a decline beneath this level would weaken the bullish momentum of the coin.
The Daily Chart of Bitcoin
The bullish crossover and the fallen channel breakout between the 5-D moving average and 10-D moving average show that the rally from the low of $6,755 on 24 June is likely to continue in the coming days. On its way to the $7k mark, Bitcoin (BTC) might encounter resistance at the $6,880 level, and the next resistance would be at the $7,067 mark.