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BTC Price Analysis: Bulls to Re-Attempt $7,000, Block Rewards Halving for Bitcoin Offshoots May Prompt Miners’ Switch to BTC Network

*Bitcoin has regained 3% market share while changing hands at $6,780
*The coin rebounds past $6,700 levels in a re-attempt at $7,000 level
*The forthcoming block rewards halving for Bitcoin offshoots may prompt miners to switch to the BTC network.

BTC/USD Daily Chart: Ranging

The first resistance level is above the market price at $6,900 level, then the second at $7,000 and the third at $7,300 level. The last level of resistance correlates with the ceiling of the long-term downward axis. The first support level is under the market price at $6,500 level, then the second at $6,400 and the third at $6,300 level.

From a technical standpoint, the key target for BTC bulls in the nearest future remains the $7,000 mark. The upper boundary of pennant formation reflects the psychological level. Once the price rejects this barrier, the chances are that the sentiments of the bears may become stronger and BTC/USD may breach its lower boundary and quit the formation.

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