New Resistance Could Cap Bitcoin’s Upside Price Potential

Bitcoin’s (BTC) bulls are struggling to push prices higher, despite a still-favorable short-term set-up on the technical charts.

Bitcoin rose to a six-day high of $6,580 on Monday on Bitfinex, adding credence to indications that the cryptocurrency could be in for a relief rally.

The bullish bias has strengthened further in the last two days too, courtesy of a bullish Bollinger band breakout and a bullish crossover between the 5-day and 10-day moving average (MA). Furthermore, bitcoin refused to embrace the negative narrative on Wednesday after the $31 million hack of South Korea’s Bithumb exchange, indicating that the sellers are likely running dry.

Despite all this, though, the cryptocurrency has struggled to find acceptance above $6,800 in the last 72 hours, as seen in the chart below.

Daily chart

Bitcoin printed intraday highs above $6,800 in the last three trading days (as per UTC), but still closed well below the $6,800 mark.

The repeated failure to scale $6,800 in a convincing manner forces us to consider the possibility of the bears making a comeback, although the charts do not see that happening while BTC is holding above $6,550…

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