It's All About $7,400 for Bitcoin Price as a Big Move Is Now Imminent

Bitcoin closed the week slightly above $7,500 up 1.56%, which marks the first positive week since the close of the first week of August.

Today Bitcoin touched a high at $7,660 following and a low at $7,370 with most of the price action taking place in the second half of the day.

Bitcoin closed the week back above the 50 and 100 weekly moving averages, which at the time of writing are now crossed bullish.

The current price action is taking place off the back of two green weekly candles and this means Bitcoin is being supported above key moving averages - that while crossed bullishly - remain directly below the weekly resistance at $7,600.

It will be critical for the bulls to push the price of Bitcoin across $7,600, which is currently being compressed and reclaiming the range above it will provide a clear sign that the overall downward trend is starting to reverse.

The daily Bitcoin chart shows that Bitcoin is trapped in a local range defined by the lows at $6,500 and highs at $7,877.

Bitcoin failed to hold above the key $7,600 weekly resistance level, which has consistently brought sellers to the market.

The 4-hour Bitcoin chart shows that the bears also hold onto the price and rejected the breakout attempt in the second 12-hour candle of the day.

The MACD is crossed bearishly above the zero line - meaning that Bitcoin is still bullish overall but there are signs of a momentum shift.

Big move brewing for Bitcoin priceBitcoin bulls are grinding the price higher on a weekly timeframe but the trend on a macro level remains overwhelmingly to the downside.