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Here’s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term

Bitcoin failed to surpass the $7,000 resistance and declined below $6,500 against the US Dollar. BTC is likely to bounce back as long as it is above $6,000 and the 100 SMA (H4).

 ▪ Bitcoin price is currently correcting gains from the $7,000 resistance area.
 ▪ The $6,000 region and the 100 simple moving average (4-hours) are important supports.
 ▪ There was a break below a major bullish trend line with support at $6,620 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
 ▪ The pair is currently consolidating losses above the $6,000 and $6,100 levels.