Bitcoin's surge in the last 24 hours has been splendid, a 24% surge in the last 23 hours. The market cap, which had dipped below $100 billion is now at $120 billion and has a 24-hour trading volume at $57.6 billion.

BTC surged from $6,190 to $6,990 in 7 hours, however, it failed to capture $7,000 and is has started a pullback. This pullback could unveil itself in two different scenarios, each sending the price in a different direction.
<ul>
 	<li style="font-weight: 400">Since hitting $6,990, BTC has seen an 8% decline in price and looks like more downtrend is underway.</li>
 	<li style="font-weight: 400">The pullback has two support levels, one at a 4% decline from the current price and the other at 11% decline.</li>
 	<li style="font-weight: 400">If the pullback finds support at the first level, BTC has a potential surge of 32% coming for it.</li>
</ul>
<h2>60 Minute Bitcoin Chart</h2>
<img class="wp-image-163128 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/03/btc.png" alt="" width="1937" /> Source: <a href="https://www.tradingview.com/symbols/BTCUSD/">Trading View</a>.

The one hour chart indicated that the consolidation for BTC was completed and that the price was on its way to conquer $7,000, $8,000 and other important psychological levels. On its way to these levels, bitcoin faced resistance at $6,990, which prevented the price from rising higher. This has resulted in a pullback that has plans of dragging bitcoin back to $6,190 and $5,775.

The first level would mean the price has to decline a total of 4%, the other level would cause bitcoin to trend downwards and shed 11%. A bounce from either of these levels would have a higher chance of breaching the resistance at $6,190 and $6,990.

If the price manages to bounce from supports, there is a chance for bitcoin to breach $7,000 and even $8,000 if there is enough momentum. In a short time frame, however, the first target for BTC is $6,190, leading to a bounce from there to $6,990 and 8,150,

The Directional Movement Index Indicator shows that the trend [white] has hit a dead end. The DI+ [green] indicator has also reversed indicating the waning of buy-pressure. Meanwhile, the DI- line [red] is starting to surge indicating an increase in the bears aka the sellers.

If this continues and the DI+ falls with a simultaneous rise in DI-, this would indicate a downtrend. There is, however, a chance that DI+ and DI- might diverge as Bitcoin hits support at $6,190.

You May Also Read.
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 	<li><a href="https://www.cryptoknowmics.com/news/bitcoin-whale-moves-millions-worth-of-btc-from-binance/">Bitcoin Whale Moves Millions Worth of BTC From Binance</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/blockfi-to-hike-interest-rates-on-btc-and-eth-from-april-1/">BlockFi To Hike Interest Rates On BTC and ETH From April 1</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/coinbase-unveils-batching-engine-for-btc-transactions/">Coinbase Unveils Batching Engine for BTC Transactions</a></li>
</ul>

Bitcoin begins rally: $7,000 and above or under $6,000?

The pullback has two support levels, one at a 4% decline from the current price and the other at 11% decline, and BTC would need to cross it

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. 
Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

Bitcoin begins rally: $7,000 and above or under $6,000?

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