Here’s Why $7,340 Is a Key Level for Bitcoin to Break Above

Bitcoin Touches Key Short-Term Resistance, Here’s Why It’s Important At the time of writing, Bitcoin is trading up marginally at its current price of $7,320, which marks a notable climb from its recent lows of just over $7,000 that were set during a sharp and fleeting dip yesterday, and a slight decline from its daily highs of $7,400 that were set just a couple of hours ago. Jacob Canfield, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that $7,340 is an important level for Bitcoin to close above, as it could confirm that bulls are currently in control of the cryptocurrency.

It is important to note that some analysts believe that Bitcoin’s current price levels will be a long-term top for the cryptocurrency, as Storm, a popular crypto analyst on Twitter, recently noted that BTC currently looks “toppy.” In the near-term, how Bitcoin responds to the resistance level it is currently pushing up against will offer significant insights into where the cryptocurrency is heading next, as a failure to break past this level could mean that another visit to the $6,000 region is imminent.

Timeline of Bitcoin, Storm