Bitcoin price has stabilised after an impressive rally. The coin faced a tough local resistance just below the $7,600 area and has retreated partially since then. The technical picture has improved significantly after the recent breakthrough as the price has recovered above the 10- and 50-DMAs and almost reached the 100-DMA.
The digital currency is driven higher amid a number of positive news, highlights and comments, accompanied by bullish technical factors. The current picture shows the coin could have bottomed out already, though it is yet to confirm the rebound. The immediate upside goal comes at $7,600. A break above will open the way to $7,800, while above this level, $8,000 will come into focus.
However, it is possible that after an aggressive rally, buyers are waiting for a pullback to enter the market at lower levels. If that is the case, we could see some downside correction in the near future after a short period of consolidation, as market participants need some time to decide on further direction. After that, the pair will likely resume the ascent.