$6.9K Is the New Price to Watch for Bitcoin Bulls

Bitcoin has pulled back from 17-days highs clocked over the weekend and risks losing bullish bias if prices close below $6,600, technical studies indicate.

A break below $6,600 would kill the odds of BTC witnessing a major upside breakout above the crucial resistance at $6,970.

The leading cryptocurrency was solidly bid on Friday likely due to an increased investor interest in XRP and other alternative cryptocurrencies.

Over on the daily chart, a sustained break below $6,600 would invalidate the bullish setup indicated by Friday's double bottom breakout.

It's worth noting that the cryptocurrency found takers below that level on Saturday.

The bears may want to see back-to-back UTC closes below $6,000 before jumping the gun.

Should the cryptocurrency defend $6,000 in the next 24 hours, then the top edge of the pennant pattern, currently located at $6,970, could come into play.

View A UTC close below $6,600 would invalidate the bullish setup.

A UTC close above the pennant hurdle of $6,970 would strengthen the bullish grip and allow a rally to July highs above $8,500.

Disclosure: The author holds no cryptocurrency assets at the time of writing.