Bitcoin Price (BTC) Could Rally Again If It Breaks $7,400


Bitcoin price is currently holding the $7,180 support area and consolidating losses. BTC to USD must surpass the $7,400 resistance area to start a fresh increase in the near term.

Key Takeaways: BTC/USD

  • Bitcoin price declined recently from the $7,864 high against the US Dollar.
  • BTC/USD is following a major bearish trend line with resistance near $7,340 on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is struggling to clear $151.50, but ripple is back above the $0.2205 support.

Bitcoin Price Analysis

In the past two days, there was a fresh decline in bitcoin price from the $7,864 swing high. BTC to USD traded below a few supports such as $7,660 and $7,440. It opened the doors for more losses below the $7,400 level.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin settled above the $7,340 level and the 50 simple moving average (2-hours, purple). Finally, the price tested the $7,180 support area.

A low was formed near $7,145 and the price is currently consolidating losses. An immediate resistance is near the $7,320 level. It is near the 23.6% Fib retracement level of the recent decline from $7,864 to $7,145.

Moreover, bitcoin price is following a major bearish trend line with resistance near $7,340 on the 2-hours chart. If there is an upside break above the $7,340 and $7,400 resistance levels, there could be a decent rise in the coming session.

The next key resistance is near the $7,505 level and the 50 simple moving average (2-hours, purple). It also coincides with the 50% Fib retracement level of the recent decline from $7,864 to $7,145.

Any further gains may perhaps push the price towards the $7,660 and $7,700 resistance levels. On the downside, the $7,180 zone is a major support area.

If there is a downside break below the $7,180 support zone, the price could continue to move down towards the $7,040 support area.

Overall, bitcoin is trading near a crucial juncture at $7,340 and $7,400. There are positive signs and high chances of a fresh increase above the $7,400 barrier.

Live Bitcoin (BTC) Price:

1 BTC/USD =$50,668.9239 change ~ 5.97%

Coin Market Cap

$944.67 Billion

24 Hour Volume

$18.98 Billion

24 Hour VWAP

$50.44 K

24 Hour Change

$3,022.72

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