BTCUSD: Bitcoin Soars to Major Resistance

The price of Bitcoin rose to around 8 per cent on Monday and, the main Crypto Coin was trading at around 6,500 USD during the London session, having dropped from the intraday high of 6,750 USD, which it reached earlier in the day.

The price is now testing a very critical resistance at 6,750 USD (where it has stopped today for now), where the long-term bearish trend line is located. This trend line has been limiting the upside potential of the Bitcoin for many months now. The 100-day moving average has also served as a strong resistance as well.

If the price breaks above this major level, the long-term bearish trend could end and the phase of consolidation, or possibly a bullish move, might occur. The next target could be at 7,250 USD, where the 200-day moving average stands.

However, this resistance could bring with it a large amount of selling orders, as the price continues to drop quickly after the first test of 6,750 USD and, the key support for the price of Bitcoin remains in the 6,000 USD area. Should the Crypto drop below, the bearish trend could be confirmed, targeting 5,500 USD in the initial reaction, as larger stop losses might be allocated slightly below 6,000 USD.

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