Bitcoin price chart analysis: new monthly high required

Bitcoin price chart analysis highlights the importance of maintaining price above the $7,000 level. Buyers need to make a new monthly high to encourage the next major push higher.

0'>Bitcoin started to come under pressure earlier this week, after buyers were unable to defend the pivotal $7,000 level.

Bitcoin price chart analysis shows that bulls must now anchor the price back above the $7,000 level and launch a  fresh attack towards the current monthly trading high.

Bitcoin medium-term price trend

Bitcoin became the latest casualty of the fallout in oil prices earlier this week, as a return to risk-off trading sentiment caused the number-one cryptocurrency to plunge below the $7,000 level.

The former weekly low, around the $6,450 level, still remains intact after the BTC/USD pair found support around the $6,750 area.

This has created another bullish higher low on the daily chart and points to increased dip-buying demand for BTC/USD.

Bitcoin price technical analysis shows that the cryptocurrency needs to breach the $7,460 level in order to encourage a medium-term rally towards the $8,000 level.

Daily price closing above the $7,300 level should encourage technical buyers. It is also noteworthy that buzz surrounding the upcoming Bitcoin halving event is increasing.

Bitcoin short-term price trend

0'>Bitcoin price technical analysis shows that short-term bulls have the upper hand while the price trades above the psychological $6,700 level.

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Lower time frame analysis shows that sellers have been unable to breach the key 200-period moving average on the four-hour time frame during this latest decline.

The mentioned time frame shows that a large reversal pattern will form if bulls move the price above the $7,460 level.

If bulls move the price above the $7,640 level then a bullish breakout towards the $8,500 area may occur.

If this scenario occurs it is possible that Bitcoin could then start to trade in a much higher price range between the $7,460 to $8,500 level.

Overall, BTC/USD dip-buyers must continue to defend the $6,450 level to avoid further losses towards the $6,000 level.

Bitcoin technical summary

Bitcoin price chart technical analysis indicates that the cryptocurrency needs to hold above the $6,700 technical area to encourage the next major push higher towards the $7,460 level.

Bitcoin to US Dollar
Daily change
17146.5
Low: 17098.8
High: 17268.4
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