Bitcoin

Bitcoin price is poised to rise to $ 8,000, and only one thing is holding it back

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Bitcoin has risen nearly 4%, breaking the key USD 7,000 resistance zone against the US dollar. The BTC price should rise towards $ 8,000 if it breaks the resistance zone of $ 7,280 to $ 7,300.

  • Bitcoin remained well bid and rose again above USD 7,000 against the US dollar.
  • The bears were unable to push the price below the support range of $ 6,750 to $ 6,800.
  • There was a break above a large bearish trendline on the hourly chart of the BTC / USD pair (Kraken data feed) with resistance close to $ 7,035.
  • The pair will likely accelerate to the $ 8,000 level if it successfully overcomes the $ 7,280 to $ 7,300 hurdle.

Bitcoin shows bullish signs

Yesterday Bitcoin bears made some attempts to lower the price below USD 6,800 against the US dollar. They failed and there was a bullish reaction at BTC above the resistance levels of $ 6,950 and $ 7,000.

The price was even above the $ 7,000 level and the simple moving average of 100 hours. There was a significant break above the 50% Fib retracement level of the Las Key decline from the high of $ 7,295 to the low of $ 6,760.

More importantly, the hourly chart of the BTC / USD pair broke above a large bearish trendline with resistance close to $ 7,035. The pair is now trading above the $ 7,100 level and is approaching the $ 7,200 resistance.

Bitcoin price

Bitcoin price

It appears that the 76.4% fib retracement level of the Las Key decline from USD 7,295 to USD 6,760 acts as resistance. The main resistance on the top is near the region from $ 7,280 to $ 7,300.

If Bitcoin successfully overcomes the $ 7,280 to $ 7,300 hurdle, it could see a strong upward move. Initial resistance is close to the $ 7,500 level above which the bulls are likely to strive for a $ 8,000 grip test in upcoming sessions.

Resistance turned support

If Bitcoin starts a downward correction, it could revisit the support levels of $ 7,030 and $ 7,000. In addition, the simple 100-hour moving average is close to the $ 7,030 level to act as a strong buying zone.

Further losses below $ 7,000 and the 100-hour SMA could negate the current optimistic view. In that case, the price could briefly hit the low of $ 6,760 again.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently correcting from 70.

Major support levels – $ 7,030, followed by $ 7,000.

Major resistance levels – $ 7,200, $ 7,280 and $ 7,500.

Image from unsplash.

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