The Value of Bitcoin (BTC) Might Break the $7,000 Mark (Major Resistance Level) Soon

The bulls in the market seem to be establishing their presence, and a lot of digital currencies have found solace in the present bullish trend. The bulls took over from the bears about barely a week ago, and a lot of digital currencies have been swimming in the green ever since.

Bitcoin – the largest digital currency in the world by market cap – is also deep in the green after testing a new low late last month. The value of the digital currency is gaining momentum over the $6,700 mark against the USD. The value of the coin could surge to the $7k mark pretty soon and head for the $7,250 mark.

Bitcoin Price Today: Current Price of BTC

At the time of writing, the premier digital currency is changing hands at $6,800 after an increase of 3 percent over the past twenty-four hours. The digital currency is still maintaining the number one spot on the list of top digital currencies with a market cap of $116.97 billion and a trading volume of $3.94 billion over the last twenty-four hours.

The Price Trend of Bitcoin (BTC)

Last week, there was a downward movement in the value of the coin below the support level at the $6700 mark. The digital currency changed hands beneath the support level of $6500, but further losses were protected. Further declines were protected by the $6,400-$6,450 support area.

The digital currency formed a new support base at the $6,450 level and later surged over the resistance levels of $6600 and $6,700. There was also a surge over the 76.4 percent Fibonacci retracement level of the previous swing from the high of $6,795 to the low of $6,545.

This paved ways for more gains and the digital currency tested a new weekly high of $6,800. The next resistance of the digital currency is at the $6,875 mark, and after this level, the digital currency may surge over its major resistance at the $7k mark.

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.

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