The critical level to watch on the upside is $6,955.79. The 50-day SMA is also located close to this level. If this critical resistance is crossed, the BTC/USD pair will pick up momentum and move up to $8,566.40. If the bulls fail to scale the $7,000 level, the digital currency will spend some more time in a bottom formation. We suggest traders hold their long positions with a stipulated stop loss.
On the downside, the critical support zone to watch is $5,900–$6,000. If this breaks, lower levels of $5,450 and $5,000 will become a reality.
On the downside, the critical support zone to watch is $5,900–$6,000. If this breaks, lower levels of $5,450 and $5,000 will become a reality.