Bitcoin Continues Green Scaling Towards $7K Mark
BTC, the world’s leading cryptocurrency, is still in the green-zone, maintaining its scaling through a resistance level will a potential chance of reaching its $7K mark any day now. Currently, the coin is valued at $6575 on digital exchange Bitfinex, a positive climb of almost 3.5% in just one day.
As of its latest bearish attitude, Bitcoin and other currencies have seen negative trends and drops in price as bearish investors continue holding strong. Recently, the shift in trend from bearish to bullish, albeit a short-term one, points to a likely break in Bitcoin above its current key resistance level of $6450. This will possibly begin reeling in more investors once again looking for business opportunities which will create a necessary bullish trend on Bitcoin’s price and boost it.
Bitcoin might be able to break past $7K in the short-term reversal and continue climbing in value if a significant spike in trading occurs, overflowing the negative attitude on the coin and market. Currently, Bitcoin’s daily trading volume is around $4.6B according to reports. It has also dropped an additional 8% in 24 hours even with the current trend reversal.
On Monday, the coin finalized its value, closing at a little over $6600 and cementing a bullish breakout. A bullish attitude continues on the five and ten-day MA currently favoring bulls with an upward climb. The RSI has also stabilized from its prior bear-pressured low.
The CMF oscillator measuring transaction pressure and traffic are currently displaying positive results since the prior performance in May and is at its highest peak since. This proves that Bitcoin is seeing more financial gains and backs the bullish attitude breakout. Following the bear flag placed by bearish investors, the new bull flag saw Bitcoin continue to rise from its previous low on Friday at $5800 and may possibly be the momentum needed to surpass the $7K mark.
Despite the positive trend, breaching $7K may take some time due to reported overbought situations. Bitcoin is currently overbought, slow down its predicted ascend.