Bitcoin is struggling to move above its key 50-day moving average as the recent rally in the cryptocurrency markets starts to lose momentum. It is possible that the BTCUSD pair could fall back towards the $7,000 level if bulls fail to make a new higher daily high. A breach of the $7,485 resistance level could provoke a rally in the BTCUSD pair towards the $7,700 technical area.
The BTCUSD pair is only bullish while trading above the $6,900 level, key resistance is found at the $7,485 and the $7,700 levels.
If the BTCUSD pair trades below the $6,900, sellers may test the $6,600 and $6,350 support levels.
