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Rising Wedge Breakdown Threatens $7K Bitcoin Price Target

On Wednesday Bitcoin (BTC) price surged higher alongside traditional markets which were likely propelled by the Senate’s approval of the $2 trillion economic stimulus bill aimed at providing relief to businesses and workers impacted by the coronavirus pandemic. The price rejected at $6,959, just a stretch away from $7,000 before pulling back to $6,491. Crypto market daily performance. Source: Coin360Looking at the shorter time frame, one can see that the price is simply bouncing off the support and resistance trendline of the rising wedge pattern and continuously encountering resistance at $6,970. BTC USDT 4-hour chart. Source: TradingViewDespite today’s pullback Bitcoin is still notching higher lows and a push above the $6,970 resistance could see the price explode h...