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Bitcoin Price Analysis: BTC Surging and Primed To Test $8K

Summary:
Bitcoin price is gaining momentum above the ,800 and ,000 resistance levels against the US Dollar.A high was formed near ,471 and it seems like the bulls are eyeing more gains towards ,000.There is a major bullish trend line forming with support near ,090 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair remains in a strong uptrend and dips remain supported near ,090 and ,800.Bitcoin price is trading in a bullish zone above ,000 against the US Dollar. BTC could continue to rise if it breaks the ,500 resistance area in the near term.Bitcoin Price AnalysisIn the past few days, there was a strong upward move in bitcoin price above the ,500 resistance against the US Dollar. BTC even settled nicely above the ,000 barrier and the 55 simple moving

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  • Bitcoin price is gaining momentum above the $6,800 and $7,000 resistance levels against the US Dollar.
  • A high was formed near $7,471 and it seems like the bulls are eyeing more gains towards $8,000.
  • There is a major bullish trend line forming with support near $7,090 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair remains in a strong uptrend and dips remain supported near $7,090 and $6,800.

Bitcoin price is trading in a bullish zone above $7,000 against the US Dollar. BTC could continue to rise if it breaks the $7,500 resistance area in the near term.

Bitcoin Price Analysis

In the past few days, there was a strong upward move in bitcoin price above the $6,500 resistance against the US Dollar. BTC even settled nicely above the $7,000 barrier and the 55 simple moving average (4-hours).

The upward move was such that the price traded to a new monthly high at $7,471. Recently, there was a downside correction below the $7,300 level. The price traded below the 23.6% Fib retracement level of the upward move from the $6,687 low to $7,471 high.

However, the decline was well protected by the $7,080-$7,090 zone. Besides, the 50% Fib retracement level of the upward move from the $6,687 low to $7,471 high acted as a strong support.

There is also a major bullish trend line forming with support near $7,090 on the 4-hours chart of the BTC/USD pair. The pair is currently rising and trading above the $7,300 level. An initial resistance is near the $7,471 high.

A successful break above the $7,471 high might open the doors for a larger upward move above $7,500. In the mentioned case, the price may perhaps rally towards the $7,880 and $8,000 resistance levels in the near term.

On the downside, the main support is forming near the $7,080-$7,090 zone. If the price fails to stay above the trend line and $7,080, it could start a major downside correction. The next key support is seen near the $6,800 level and the 55 simple moving average (4-hours).

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is trading in a bullish trend above the $7,000 support. If the bulls remain in action in the coming days, the price is likely to rally above towards the $8,000 level.

Technical indicators

4 hours MACD – The MACD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is currently well above the 60 level.

Key Support Levels – $7,080 and $6,800.

Key Resistance Levels – $7,500, $7,880 and $8,000.

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