Crypto Market May See Fierce Momentum if Bitcoin Closes Above This Level

It has been a generally positive day for the crypto markets, with Bitcoin’s rebound from its dip below $6,600 yesterday allowing it to incur some notable momentum that has since led it to break back into the $7,000 region.

The intensity of this uptrend has been particularly visible amongst altcoins – many of which have climbed 5% or more.

In order for altcoins to see further upwards momentum, however, it may be imperative that Bitcoin closes its daily candle above $6,950, as a sustained retrace below this level in the coming hours could prove to be grave for the crypto market.

Bitcoin Pushes Towards Overhead Resistance as Bulls Awaken

Prior to today’s upswing, Bitcoin’s bulls and bears had long been at an impasse, leading the cryptocurrency to trade sideways within the upper-$6,000 region for an extended period of time.

This consolidation, however, ultimately resulted in bulls gaining the upper hand over bears, subsequently propelling the crypto up by nearly 5% to its current…