Bitcoin Price Hits Tipping Point Above $7.6K

Bitcoin is trading up around 2% at $7,600 on the back of the European session this morning, which is where it has been consolidating for a couple of days.

With the weekend looming and the month of November coming to a close, Bitcoin price action is at a critical point and is likely to result in volatility over the weekend.

As has been witnessed recently, Bitcoin has continued to dictate the valuation placed across the cryptocurrency market as a whole.

Bitcoin dominance has reduced slightly to 68% but looks destined to retake 70% in the near future.

Bitcoin is currently trading right up against weekly resistance at $7,600, which was previously long-term support that was lost last week.

Clearly, such a strong response is encouraging for the bulls but ultimately - from a neutral point of view - Bitcoin is currently retesting the breakdown, which the bears will see as an opportunity to sell into.

The 100-week moving average was also lost last week, but it is currently being tested and will cross with the 50-week moving average next week, which has been pivotally bullish for Bitcoin in the past.

Bitcoin ultimately needs to break weekly resistance and find support over the weekend to count as being a strong bullish week for bitcoin, given the previous week's drop.

The daily chart shows Bitcoin is still trending down and did bounce off an important diagonal trendline.

The 4-hour Bitcoin chart paints a clearer picture of how critical current price action is - it is right up against the weekly resistance and local horizontal resistance.