$7K Ahead? Bitcoin Charts Appear Constructive Short-Term

At press time, BTC is trading at $6,575 on Bitfinex - up 3.4 percent in the last 24 hours.

The short-term bearish-to-bullish trend change, as indicated by BTC's break above the significant obstacle of $6,450, will likely entice investors to bargain-hunt, creating an upward pressure on BTC prices.

BTC could rise to $7,000 in the short-term and extend into further gains if BTC's move toward the psychological hurdle is backed by a sharp rise in the trading volume.

BTC trading volume fell 8 percent to $4.39 billion on Monday, despite a bearish-to-bullish trend change.

BTC closed at $6,618 on Monday, confirming a bullish falling channel breakout.

The positive print indicates the money is flowing into bitcoin and adds credence to the bullish falling channel breakout.

BTC witnessed a bull flag breakout on Monday, which signaled a continuation of the rally from Friday's low below $5,800 and could yield a break above $7,000.

Clearly, the odds are stacked in favor of a rally to $7,000 the move may not happen overnight, as the short-duration charts are reporting overbought conditions.

The hourly chart RSI is rolling over from the overbought territory as seen in the chart above.

View The bullish falling channel breakout confirmed a short-term bearish-to-bullish trend change.