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After attempting to break above the resistance that was faced earlier today around $7,000, Bitcoin has been able to once again recapture its position within this region, as the crypto is now moving to target its imminent resistance levels.
This latest upswing may prove to be more than just a fleeting attempt by bulls to bolster BTC, as one trader is noting that this marked an “impulsive break” out of a corrective channel that was previously hampering its price action.
Bitcoin may now move to target its key liquidity region around $7,500, with a break above this level allowing BTC to see some massive upside.
Bitcoin Posts Notable Breakout as Bulls Recapture Position Above $7,000
At the time of writing, Bitcoin is trading up over 3% at its current price of $7,100, marking a notable rise from intraday lows of $6,800 that were set during the crypto’s prolonged bout of consolidation.
The support established at this daily low did prove to be stronger than many analysts may have previously anticipated, and bulls are now attempting to muster up enough support to break through the resistance just above its current price level.
An important dynamic that could influence where BTC trends next is that there is a confluence of technical factors existing right around its current price level, according to a popular pseudonymous analyst.
He explained that the key move for bulls now is to hold Bitcoin above its Monday high of around $7,100.
“BTC: Massively confluent level for BTC here: 8H supply + fib cluster + yearly open + weekly open. Break above Monday’s high and HOLD and it is off to the races,” he said.
BTC’s Latest Upswing May be More Important than It Initially Seems
The mid-term importance of this latest move back into the $7,000 region may be greater than it initially seems.
Another popular trader spoke about this in a recent tweet, explaining that Bitcoin just posted an “impulsive break” of a corrective channel.
He also notes that this indicates that bears may now be losing control of BTC.
“The impulsive break of our corrective channel was the first indication that bears may be losing control here. If we can get above the 7.1k region and hold above there, I expect we go for the liquidity and push to 7.5k. At that point my 7.8-8k target will be within grasp,” he noted.
Image Courtesy of Credible Crypto
Featured image from Unsplash.
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