Trend: Bitcoin is hovering around $7,000,reinforcing a pennant breakout confirmed on Thursday.
On-chain metrics with a strong history of signaling market bottoms and tops are currently indicating a bullish reversal, according to blockchain intelligence firm Glassnode.
So, the cryptocurrency looks set to re-test Thursday's high near $7,200. A violation there would open the doors to $8,000, a level last seen March 12.
If buyers again fail to keep prices above $7,000, a bigger pullback to $6,200 could be seen. It's worth noting that bitcoin has already failed twice in the last two weeks to establish a foothold above $7,000.
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