- Bitcoin (BTC) bulls need to push the price past the $6,800 resistance level to establish a bullish run, analyst says.
- The target is set at $7,400 USD region if the key resistance level is broken, effectively signaling the start of an up-trending market.
Over the past few days, since the price of BTC/USD awakened from the ashes of “Black Thursday”, whereby the price dipped to the $3,600, the market has traded in a sideways pattern. Reaching an intraday high of $6,900 on Wednesday this week, bulls were in the preparedness of a break past the elusive $7,000 mark but it didn’t happen – crashing back to $6,595, as at time of publishing.
Analyst: “BTC/USD must breach $6,800 to start bullish momentum”
According to Luke Martin, a seasoned crypto trader and analyst, Bitcoin will only force a bullish run in the near term if bulls are able to breach past the $6,800 level. This will effectively set a short term uptrend in the top crypto’s market, breaking the rectangular pattern resistance in the process.
$BTC has been stuck at the $6800 resistance level all week.
Would like to see a 4hr close above that level to have any short-term bullishness.
Can use the last breakout confirmation around 5600 as a nice example. pic.twitter.com/VhdW402TsJ
— Luke Martin (@VentureCoinist) March 27, 2020
On the four hour charts, the last breakout at $5,600 on Mar. 19 saw the price shoot up to the $6,900 level at its peak and a similar run could set the price of Bitcoin to $8,500 key resistance level.
However, extended losses below the $6,400 mark could see BTC/USD fall back to the $5000s level with support provided at $5,670. Moreover, an extended stay below the $7,000 level may see the bears’ strength start to grow and a dip even further should be expected.
Image from TradingView