Bitcoin Price: Bear Market Isn't Over Yet, But $7.6K May Change This

Bitcoin is trading around $7,200 on Friday, the level that was found following a large swing to the upside on Wednesday.

Bitcoin dominance inches higherThis is highlighted in Bitcoin dominance, which is now at 68% and continues to threaten to take the 70% level, which continues to look like a possibility as Ethereum continues to lose market cap share.

Bitcoin is currently ranging between long term weekly resistance of $7,600 and the mid $6,000s.

The key moving averages of the 50, 100 and 200-day are all above price and trending down, illustrating that the overall trend remains to the downside on the daily chart.

At present, Bitcoin is trading above the point of control in which most volume has been traded; $7,115 is also the weekly open, which is an important level for Bitcoin to close above.

Volume is starting to trend higher and the most significant large volume candles are green, suggesting a general trend change.

1-hour chartThe one-hour Bitcoin chart is showing that the bulls continue to test $7,200.

Looking forwardDespite the apparent shift in volume and momentum dynamics off the demand in the $6,000s, Bitcoin remains in an overwhelming multi-month downtrend, which is also visible on lower timeframes.

In order to be reasonably bullish in this market, Bitcoin needs to begin closing and finding support above key resistances, in particular, that of $7,600 on the weekly.

A higher-high over $8,000 and key moving averages trending higher would also be indicative of a more fundamental change in market direction, which remains locked in a bear market.