Bitcoin price appears to be consolidating inside a bullish flag pattern, which could be indicative of another run higher. What next should traders expect? Gain insight into this 20 July BTCUSD Price Technical Forecast.
20 July, OctaFX – Bitcoin made strong double-digit gains this week after bullish fundamental news provoked a strong technical breakout in the number one cryptocurrency by market capitalization.
The BTCUSD pair climbed above the $7,000 level on reports that Blackrock, the world’s largest asset manager, was moving into the cryptocurrency and blockchain technology space.
Bitcoin soared-higher on the news, alongside the broader cryptocurrency market, with the BTCUSD pair, eventually peaking around the $7,500 level before stabilizing well above the $7,000 support zone.
20 July BTCUSD Price Technical Forecast
- The BTCUSD pair is strongly bullish while trading above the $7,000 level. Key resistance is found at the $7,500 and $7,800 levels.
- If the BTCUSD pair trades below the $7,000 level, further losses towards the $6,837 and $6,700 support levels remains possible.
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