Bitcoin Remains On Hunt for $7K Despite Price Pullback

Bitcoin (BTC) has pulled back from an 11-day high, but the short-term outlook remains bullish, the technical studies indicate.

The leading cryptocurrency looked overbought yesterday, as per short-duration indicators, having rallied to $6,681 on Bitfinex on Monday - the highest level since June 22.

Consequently, BTC fell back to $6,414 earlier today and was last seen trading at $6,530 - down 2.2 percent on a 24-hour basis.

Clearly, the bullish momentum has waned in the last 24 hours, still, the technical charts are biased to the bulls. Further, the probability of BTC rallying to $7,000 (psychological hurdle) remains high while prices are holding above the former resistance-turned-support of $6,341, as seen in the chart below.