Bitcoin has broken through the $7,000 resistance level, with the number one cryptocurrency by market capitalization gaining nearly twenty percent since it moved above the $6,000 level. The $7,500 level offers strong technical resistance, although the $8,000 level is seen as formidable weekly resistance. The strong move higher has now created a large inverted head and shoulders on the daily time frame.
The BTCUSD pair is bullish while trading above the $6,500 level, key intraday resistance is found at the $7,500 and $8,000 levels.
If the BTCUSD pair trades under the $6,500 level, sellers may test towards the $6,300 and $6,000 support levels.
