The Bitcoin (BTC) price created its fourth successive bearish weekly candlestick during the week of June 29-July 6.
However, on July 6, the price began a short-term upward move that is still ongoing.
Bitcoin’s Resistance
During the week of June 29-July 6, the Bitcoin price created a small bearish Doji candlestick. Measuring from the June 1 high, this was the fourth such candlestick, with each having long wicks on both sides, a sign of indecision. While this is a bearish development, the lack of size on the body of this fourth candle suggests that the bears might be losing control.

Short-Term Movement
In the short-term, BTC has just broken out from a descending wedge, having done so with high volume. The rally began after the price created a bullish hammer with a very long lower-wick right at the 0.618 Fib level of the entire previous upward move. This candlestick was also combined with a bullish divergence in the hourly RSI. At the time of writing, the price was moving towards the range highs of $9,300.

Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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