{"id":42689,"date":"2019-05-18T23:09:07","date_gmt":"2019-05-18T21:09:07","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=42689"},"modified":"2020-02-19T01:18:32","modified_gmt":"2020-02-18T23:18:32","slug":"bitcoin-must-close-above-7600-in-order-for-bulls-to-maintain-strength","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/bitcoin-must-close-above-7600-in-order-for-bulls-to-maintain-strength\/","title":{"rendered":"Bitcoin Must Close Above $7,600 In Order for Bulls to Maintain Strength"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Bitcoin Holds Above Support Around $7,000<\/strong><\/h2>\n\n\n\n

At the time of writing\u00a0Bitcoin<\/a> is trading up less than 2% at its current price of $7,270, down from 24-hour highs of just over $7,400.<\/p>\n\n\n\n

This past Wednesday, Bitcoin<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Analysts: $7,600 A Critical Level That Must be Broken Above<\/strong><\/h2>\n\n\n\n

Although Bitcoin\u2019s 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\u201c$BTC – The area around $7600 acted as initial resistance that became breakout support. It\u2019s 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\u2019s,\u201d Chonis said.<\/p>\n\n\n\n

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$BTC<\/a> – The area around $7600 acted as initial resistance that became breakout support. It\u2019s a crucial area that #bitcoin<\/a> need to regain support above or a rejection sets up a possible H&S and a retest of the mid to low $6k\u2019s… pic.twitter.com\/6ZiszKxtsO<\/a><\/p>— Big Chonis Trading\ud83c\udf44 (@BigChonis) May 18, 2019<\/a><\/blockquote>