Can Bitcoin Break Above the Psychological Level $7000?

Bitcoin has become quite volatile and currently residing insides the ranges of $7000 to $6500 area. Can Bitcoin break above the psychological level $7000? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis. 

April 22, 2020 | AtoZ MarketsBitcoin is currently trading around $6950 area and trying to break above $7000 area. Moreover, the price rejected from $7000 area several times and pushed down. As per the current scenario, Bitcoin may climb higher but need an impulsive break out in the coming days.

Can Bitcoin Break Above and Reach at $7500?

We saw a 5% decline in the BTC price below $7000 area against the U.S. dollar yesterday. Moreover, CFTC has granted Bitnomial exchange the approval to operate a Bitcoin Futures and options exchange in the U.S. as a designated contracts market (DCM). Furthermore, CFTC said on press realise, "The approval allows Bitnomial to tackle a confluence of generational shifts in financial markets. First, a new generation of customers are emerging as savvy with trading, technology, and delivery. Second, innovative new unregulated derivatives are booming with daily volumes topping $45 [billion] but maybe illegal for many US traders."

On the other hand, Bitnomial Founder and CEO, Luke Hoersten said, "We are building the Bitcoin Product Complex, a suite of interrelated financial products, starting with quarterly Bitcoin futures, micro futures, and options. Additionally, our products initially trade on 37% margin and are settled on-chain instead of book entry."

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BTC Price Still Indecisive but Broke Above the Dynamic Levels

BTC is currently residing near $6950 area and trying to push higher. The price broke above the dynamic level of 20 EMA on the intraday chart, but the current bullish momentum is not quite satisfying.

Can Bitcoin Break Above the Psychological Level $7000?

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, Bitcoin is currently residing near $6950 area and facing resistance at $7000. The price broke above the dynamic levels but still inside the Kumo cloud. As per the current price action, if Bitcoin breaks above $7000 area with an impulsive bullish candle, the bulls may recover higher towards $7500 in the process. Alternatively, if the Komu Cloud holds the price below $7000 and have a bearish 4-hour close below it, the bears may push the price down towards $6500 again.

Furthermore, the dynamic level of 20 EMA is residing below the current price, along with the Kijun line and Tenkan line. The dynamic levels may act as a strong support to push the price higher. In contrast, if the price breaks below the dynamic level, the bears may take control in their hand. Besides, the MACD lines are residing near 0.00 level and rising upward gradually, which indicates bulls may gain momentum in the process.

To conclude, Bitcoin has become quite indecisive after retracing 50 per cent of the recent bearish pressure. BTC investors are still looking forward to Bitcoin may regain momentum again, against the US dollar in the coming days.

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