Bitcoin price is gaining momentum above $6,600 against the US Dollar. BTC/USD could accelerate gains above $7,000 to target the $7,250 level.
This past week, there was a downside correction below the $6,700 support in bitcoin price against the US Dollar. The BTC/USD pair traded below the $6,500 support level, but declines were protected. The $6,400-6,450 support zone acted as a support and prevented declines. A support base was formed and the price jumped above the $6,600 and $6,700 resistance levels. There was also a break above the 76.4% Fib retracement level of the last decline from the $6,795 high to $6,454 low.