BTC/USD will need to break down $7000 for greater upside momentum

  • Bitcoin price is trading in negative territory, down 7.50% in the second half of the session. 
  • The bulls extended to the upside following a pennant breakout, providing further momentum. 
  • Despite the push north, there is still somewhat a risk to the downside, given a bearish flag structure. 

BTC/USD daily chart

The bulls made a critical breakout and closure above $6500, which was a barrier that had been capping upside for a few sessions.

BTC/USD 60-minute chart

Bulls have a near-term opportunity to break free to the upside from a bullish pennant structure via the 60-minute chart view.

Spot rate:                136.05

Relative change:      -2.15%

High:                        6983.79

Low:                         6469.17

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