Bitcoin (available on Coinbase) price watch: Bitcoin (available on Coinbase) continued its bullish run on Wednesday morning, moving firmly past the $6,700 level and testing a major resistance at $6,800. Bitcoin (available on Coinbase) has been on an upward trajectory recently, having recovered by more than 5% since the beginning of last week.

Yesterday, the cryptocurrency received a further boost as Goldman Sachs CEO Lloyd Blankfein commented on the future of Bitcoin (available on Coinbase) with an optimistic tone. During a talk at The Economic Club of New York, Blankfein, who has been relatively more upbeat about Bitcoin (available on Coinbase) than some of his peers on Wall Street, explained how the world moved from gold to fiat currencies that are now backed by the government. Using that example, he said he could see a world where a cryptocurrency could exist.

“If you could go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?” Blankfein said.

“And so it’s not for me, I don’t do it, I own no Bitcoin (available on Coinbase). Goldman Sachs as far as I know… has no Bitcoin (available on Coinbase), but if it does work out, I could give you the historical path why that could have happened,” he continued.

Bitcoin (available on Coinbase) Price Watch: Bitcoin (available on Coinbase) On Bullish Run, Testing Major Resistance

Bitcoin (available on Coinbase) is currently on another bullish run after establishing a support at $6,600. The current bull run is testing a major resistance at $6,800. Bitcoin (available on Coinbase)’s short-term moving averages indicate that buyers could be shaking off the recent selling pressure, and more upside action should materialize. A break above the resistance could send BTC/USD back to the $7,000 level. On the downside, it would take a dramatic decline for Bitcoin (available on Coinbase) price to sink below $6,500 to a retracement level around $6,300.

Source: TradingviewThe technicals chart confirms the current bull run. The MACD crossover is sending a bullish signal, while the RSI places Bitcoin (available on Coinbase) in overbought territory.

Looking at the Technical Indicators:

Hourly MACD — Bullish signal

Hourly RSI — Bitcoin (available on Coinbase) is in overbought territory

Major Resistance Level — $6,800

Major Support Level — $6,600