BTCUSD decision time
Bitcoin has staged a strong recovery from the $6,150 technical region after sellers failed to break below the $6,000 level on Wednesday. BTCUSD bulls must now break above the $7,000 resistance level or the recent rally is at risk of being entirely reversed. If buyers can continue to the recent momentum and overcome the $7,000 level then a powerful rally towards the $7,800 level could take place.
The BTCUSD pair is only bullish while trading above the $6,500 level, key resistance is found at the $7,000 and the $7,800 levels.
If the BTCUSD pair trades below the $6,500, sellers may test the $6,200 and $5,800 support levels.