Bitcoin has pulled back from 17-days highs clocked over the weekend and risks losing bullish bias if prices close below $6,600, technical studies indicate.
A break below that level will make it far harder for the bulls to force a major upside breakout above the crucial resistance at $6,970. However, if prices hold above $6,600 in the next 24 hours, that target may be achievable.
The leading cryptocurrency was solidly bid on Friday likely due to an increased investor interest in XRP and other alternative cryptocurrencies. Notably, prices flew past $6,600, confirming a double bottom bullish reversal and opening doors to the psychological support of $7,000.
However, the altcoin rally fizzled out over the weekend. For instance, XRP, which was reporting a 75 percent gain at $0.77 in the US hours on Friday, fell back to $0.50 just a day later and is currently threatening to drop below that level.
Further, Friday’s other big gainers like aurora and monacoin shed a major chunk of their gains over the weekend.
As a result, the rally in BTC was cut short at a 17-day high of $6,841 on Saturday. At press time, the cryptocurrency is changing hands at $6,610 on Bitfinex – down 1.8 percent on a 24-hour basis.