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

Bitcoin (BTC) created a key bullish pattern last week, but only a move above $6,800 would put the bulls in a commanding position, according to technical charts.

Stepping back, the leading cryptocurrency clocked a four-week high of $6,810 on Coinbase last Monday before ending the week (Sunday’s UTC close) at $6,415. Despite the pullback from the multi-week highs, BTC eked out 3.7 percent higher on the week.

Essentially, it created an inverted hammer candle last week, which is characterized by a long upper shadow – difference between the weekly high of $6,810 and the weekly close of $6,415 – and a small real body represented by the spread between the weekly opening price of $6183 and the closing price of $6,415.

The inverted hammer candlestick is considered of bullish reversal if it occurs around the bottom of the downtrend and the upper shadow is two times the size of the real body. Further, the longer the upper shadow, the more likely it is that a reversal will occur.

In…