Bitcoin Price Constrained Below Key Resistance at $6,800

Bitcoin rally has stalled near a key resistance range and a minor pullback could recharge the engine for a much-awaited move toward the $7,000 mark.

At press time, the premiere cryptocurrency is flatlined at $6,710 on Bitfinex, having clocked an 18-day high of $6,839 over the weekend and is showing signs of bullish exhaustion near the resistance range of $6,750 to $7,910.

Further, BTC has failed to close above the stiff resistance at $6,800 in the last two days.

What's more, BTC will likely encounter resistance at $6,850.

Last but not the least, the 50-day moving average resistance is lined up at $6,907.

Thus, the area between $6,750 to $6,910 is packed with key resistance levels and the signs of exhaustion near the resistance zone have left the doors open for a minor pullback in BTC prices.

The bullish falling channel breakout and the bullish crossover between 5-day and 10-day MA indicate the tide has turned in favor of the bulls for short-term.

View The short-term bullish outlook is still intact and BTC looks set to test $7,000.

A minor pullback to ascending of $6,570, will likely help recharge the engine for a strong move towards $7,000 and above.

Watch out for a rebound from the ascending 10-day MA. Only a daily close below the 10-day MA of $6,570 would abort the short-term bullish view.