BTC Is Now In A Key Spot To Conquer $6,900

The novel coronavirus has taken a toll on all global markets, but the Bitcoin news now show that the most dominant coin is stable. As the weekend began, Bitcoin started trading in a relatively tight range after making a second attempt at $7,000 on April 4. As it stands, BTC is now in a key spot to conquer the $6,900 level and then proceed towards $7,000.

As Bitcoin spent this Saturday trading sideways, no one expected a day without declines. The majority of the other coins in the altcoin news posted marginal days. For instance, we saw Ether (ETH) gaining 1.57%, Litecoin (LTC) adding 1.02% to its price, and Binance Coin (BNB) gaining 2.31%, respectively.

At the time of writing this, the price of BTC is now in a key spot to conquer new levels, holding above the ascending trend line and slowly pushing close to the $6,900 resistance. This is a level which has been broken above three times this week.

The $6,900 to $7,200 range is proving to be a tough resistance area that needs to be overcome, but with the weekly close approaching, many investors will be watching to see if the Bitcoin price actually makes a sharp move above $7,200 or a pullback to $5,800. These two are the levels which are most important in the news now.

In the 4-hour timeframe, we can see that traders are starting to notice that the volume is declining as the Bollinger Band arms are narrowing. The price continues to rise towards the upper Bollinger Band arm which is now situated at $6,997. The narrowing bands and declining trading volumes typically show up before a breakout or a breakdown takes place.

In this manner, BTC is now in a key phase and a bullish outcome would involve a high volume surge which would push the price towards $7,200, acting as the high volume VPVR node. Clearing $7,200 would also open the door for the Bitcoin price to rise to $8,000 where another high volume VPVR node exists.

Earlier this week, the analyst filbfilb spoke about this and said:

“Any break to the upside is likely to be ultimately resisted around the $8K level due to the confluence of technical resistance and known institutional short-selling interest.”

The current price of Bitcoin (BTC) this morning is at $6,783 with a 0.52% increase.