Bitcoin (BTC) has been in a clear consolidation mode since the conclusion of Tuesday's rally, but the daily bias remains bullish. Price is sitting comfortably above the inverse head-and-shoulders neckline ($7,838) and three of the four important exponential moving averages (EMAs) are trending positively – maintaining the bullish view.

A bullish rally will not be an easy feat however since heavy resistance lies in the $7,600-$7,800 range.