Bitcoin Price Analysis: BTC Starts Fresh Rebound To $7,800

After a sharp decline, bitcoin price consolidated above the $7,400 level. Finally, BTC to USD started an upside correction and it is now trading above the $7,520 resistance.

Key Takeaways: BTC/USD

  • Bitcoin price is currently correcting higher and is trading above the $7,600 level against the US Dollar.
  • BTC/USD broke the $7,520 resistance and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash are also correcting higher, but they are facing many resistances.

Bitcoin Price Analysis

Recently, we saw a major drop in bitcoin price below the $7,700 and $7,500 supports. BTC even broke the $7,500 area and traded towards the $7,280 support zone. A low was formed near $7,297 and the price started an upside correction in the past two sessions.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin consolidating above the $7,400 for a few sessions and settled below the 50 simple moving average (2-hours, purple). At the moment, it is correcting higher and is trading above the $7,500 resistance zone.

During the recent rise, the price surpassed the $7,520 resistance and a contracting triangle on the same chart. Moreover, there was a break above the 23.6% Fib retracement level of the last slide from $8,315 to $7,297. It opened the doors for more gains above the $7,600 level.

An immediate resistance on the upside is near the $7,680 and $7,700 levels. However, the main resistance is near the $7,805 level and the 50 simple moving average (2-hours, purple). It also coincides with the 50% Fib retracement level of the last slide from $8,315 to $7,297.

Therefore, bitcoin is likely to face a strong resistance near the $7,800-$7,805 area if it continues to climb in the near term. The next major resistance is near $7,925 and the 61.8% Fib retracement level of the last slide from $8,315 to $7,297.

Once BTC completes the current upside correction near $7,700 or $7,800, it could resume its decline. An immediate support is near the $7,500 area, below which the price could visit the $7,280 support area in the near term.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,674.9932 change ~ -0.69%

Coin Market Cap

$177.98 Billion

24 Hour Volume

$3.9 Billion

24 Hour VWAP

$9.67 K

24 Hour Change

$-66.3483

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Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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