Cautiously Bullish: Bitcoin Price Clears Key Trendline to Pass $6.6K

Bitcoin saw a low-volume bullish breakout Monday, but the long-awaited move is sending mixed signals to investors.

So far, the bullish trend change hasn't significantly revved up investor interest.

As seen in the daily chart, BTC closed above the 2.5-month long falling trendline yesterday, signaling a bullish reversal.

The lackluster response to the upside break likely indicates that investors need a more credible evidence of a bullish breakout.

The cryptocurrency is likely to adopt a stronger bullish bias if it can cross the next key hurdle at $6,775 on the back of strong volumes.

View BTC took a bullish turn Monday, opening doors for a rally to $7,000, but low volumes suggest caution is advised.

The bullish move will look more legitimate if the 24-hour trading volume crosses $5 billion in the next few hours.

The outlook would change from cautiously bullish to strongly bullish if BTC can rise above the 10-week EMA at $6,712.

As per the daily chart, a move above the upper Bollinger band of $6,775 would also bolster the bullish setup.

A UTC close back below the 2.5-month-long falling trendline would neutralize the immediate bullish scenario.