Bitcoin is staging a major rally during the European trading session, with the number one cryptocurrency moving towards the $6,900 level. Traders should note that a bearish lower weekly high will form if the BTCUSD pair fails to move above the $7,000 level. A breakout above the $7,000 level could see the BTCUSD pair advancing towards the $7,200 and possibly the $7,800 level.
The BTCUSD pair is only bullish while trading above the $6,430 level, key resistance is found at the $7,000 and the $7,800 levels.
If the BTCUSD pair trades below the $6,430, sellers may test the $6,000 and $5,500 support levels.
