Bitcoin overcame the psychological mark of $7000 yesterday. And it seems this time this attempt was successful. Bitcoin was able to rise above the levels of $7100, $7200 and at the time of publication, the price of Bitcoin is $7397. Thus, the price of Bitcoin has almost doubled since the low of 2020.
Analysts suggested that after successfully testing the 7000 level, the bulls aimed to test the $8000 mark. It seems that after the price of Bitcoin reached a low of 2020, the bulls took control and their number increases with increasing prices.
On the daily chart, the BTC/USD pair began to form a bearish trend line with resistance at $7880. Near the level of $8000, the BTC/USD pair will receive serious resistance. If Bitcoin can rise above this important level, we will see the beginning of the medium-term bull trend. The price will continue its movement to the next significant resistance area 8800-9000.
On the other hand, an unsuccessful attempt to break the $8000 level will result in a decrease for Bitcoin to the area of $7000 and further to $6800, where the bulls will again take control.
The RSI technical indicator is moving in the bullish zone above the 50 mark, signaling its continuation.