Bitcoin is set to end the week back above $7,000 – unless the bears come out in force during the US trading session. It has held a key support zone but is not out of the digital woods yet as multiple levels of resistance still remain.
Bitcoin Facing Resistance
BTC is set to end the week exactly where it started out on Monday. A plunge to $6,500 was quickly recovered mid-week as buy signals were triggered en masse sending the digital asset surging back above $7k.
Since then it has retreated somewhat but is still consolidating around $7,150 at the time of writing. The long term trend is still very much bearish but one key take is that bitcoin has held crucial support twice over the past month.
Now that the $6,500 support zone has been established and held, let’s talk about resistance.
Above current price levels lies a multitude of…