Bitcoin is starting to hold above the $7,000 level, following an impressive bullish reversal from the $6,350 level earlier this week. A bullish inverted head and shoulders pattern is taking shape across various time frames and may take time to properly form. Overall, the BTCUSD downtrend appears to be weakening and an upside recovery may take place over the next few weeks.
The BTCUSD pair is only bullish while trading above the $7,000 level, key resistance is located at the $7,400 and $7,850 levels.
If the BTCUSD pair trades under the $7,000 level, sellers may test towards the $6,450 and $6,100 support levels.
