Bitcoin Bulls Must Push Price Past $6.8K to Win Control

Bitcoin has flat-lined after creating a bullish pattern last week, and now only a move above $6,800 would put the bulls in a commanding position, according to technical charts.

Despite the pullback from the multi-week highs, BTC ended up 3.7 percent higher on the week.

The bull move last week saw the creation of what's called an inverted hammer candle.

As a result, the immediate outlook remains neutral and only a move above $6,810 would confirm a bullish breakout.

As seen in the above chart, the sell-off from the record high of $20,000 reached in December last year has likely run out of steam near $6,000.

A convincing move above $6,810 would validate the bullish inverted hammer and boost the prospects of a sustained move higher toward $7,402.

Over on the daily chart, price volatility, as represented by the spread between the high and low, fell to $47 yesterday - just above the 17-month low of $34 clocked on Oct. 13.

As a period of low volatility is often followed by a big move, we might expect some more vigorous trading action soon - possibly on the higher side, courtesy of the last week's bullish hammer candle.

View $6,810 is the level to beat for the bulls this week.

A break above $6,810 would raise prospects of a sustained move above $7,402.