Despite incurring a massive amount of buying pressure over the past several weeks that helped push the price of Bitcoin to fresh year-to-date highs around $8,400, this newfound upwards momentum stalled earlier this week when BTC swiftly dropped below $7,000, from which point it has been able to tepidly advance.
Now, multiple prominent crypto analysts are expressing their belief that $7,600 is a critical level that Bitcoin must climb back above in order for its recent upwards surge to continue on.
Bitcoin Holds Above Support Around $7,000
At the time of writing Bitcoin is trading up less than 2% at its current price of $7,270, down from 24-hour highs of just over $7,400.
This past Wednesday, Bitcoin incurred a significant amount of selling pressure for the first time since it began its upwards surge in early-May, which appears to have validated $8,400 as its next level of significant resistance that may prove to be an arduous task to break above.
Nevertheless, the cryptocurrency has found some levels of support around $7,000 that has allowed it to regain its foothold within the lower-$7,000 region, which appears to be quite positive for traders who are currently long on BTC.
Analysts: $7,600 A Critical Level That Must be Broken Above
Although Bitcoin’s ability to hold above $7,000 has certainly been positive, the key region that the crypto must break above appears to exist at $7,600, as multiple analysts have expressed the importance of this price level.
Chonis Trading, a popular cryptocurrency analyst on Twitter, discussed this price level in a recent tweet, noting that a failure to move above it could result in a drawback towards $6,000.
“$BTC – The area around $7600 acted as initial resistance that became breakout support. It’s a crucial area that #bitcoin need to regain support above or a rejection sets up a possible H&S and a retest of the mid to low $6k’s,” Chonis said.
Josh Rager, another popular cryptocurrency analyst on Twitter, also shared his thoughts on BTC, saying that $7,600 is a critical level that must be broken above in order for the recently incurred upwards momentum to be extended.
“$BTC – Levels to watch. Currently neutral day for Bitcoin ranging between $6900 to $7600. Close above $7600 good for bulls – first target $8200+. Close below $6979 bad for bulls (especially on weekly chart) and can expect to revisit low $6ks if this happens,” he noted.
As the weekend continues on and the next week draws near, it is highly likely that traders will soon garner greater insight into which direction Bitcoin will head next.
Featured image from Shutterstock.
