Weak, but constant purchases suggest an upward impulse in the coming days in the Bitcoin market

The price of Bitcoins is relatively stable over the last trading day - the price is trading around the same levels at $6,500-$6,700. The potential for further growth is maintained amid the stability of the new bottom and the gradual increase in trading activity and market capitalization.

For traders the key level is at around $7,400, as a breakthrough of this level could lead to a potential price gain up to $7,500 US dollars, which is still considered the main level for passage into the region of $8,000.

However, the Relative Strength Index (RSI) and the Williams Range percentage range indicate that the market is oversold for the past two weeks. The exponential moving average (EMA) assumes a tendency for price gain in the short term if the Bitcoin price can keep the current level at $6,850 dollars. The volumes of major crypto-exchanges, including Bitfinex, Bithumb and Binance, remain relatively low, demonstrating that demand for Bitcoins is growing slowly.

For several weeks, technical analysis has indicated a bearish cycle for Bitcoins, at least in the short term. For the most part, this is true, given that the bitcoin price has fallen from $7,300 to $6,850 for 7 days.

At the same time, taking into account the stability of the new local bottom, we can gradually consider the possibility of medium-term longs from the current support levels at $6,600 - $6,800 zone.

FortFS