Bitcoin is looking very strong technically and fundamentally. Reports on government regulation have been coming in positive and the changing sentiment of media outlets is sparking public interest. This comes at a moment when bitcoin has experience an extended slump from all time highs at the beginning of this year.
Bitcoin is shown to be out-performing the cryptocurrency market slightly as interpreted from the blue divergence from the Crypto-Index on the Crypto-Adjusted Moving Average. Short volume is slightly lower than the long volume and the Bulls seem to be in control. The CA-RSI seems to be relatively neutral and there are not any primary factors that should keep bitcoin from trading higher.
The Fibonacci retracement level of 61.8% has been used as a target which sets the price at around $6900.