Bitcoin price is trading above the $7,980 support level, with range moves. BTC to USD is likely to start a new surge if it clears the $8,160 and $8,220 resistance levels.
Key Takeaways: BTC/USD
- Bitcoin price is showing a lot of positive signs above the $7,980 support against the US Dollar.
- BTC/USD is following a strong support at $7,980 and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Ethereum is also trading in a range above the $140.50 and $141.20 support levels.
Bitcoin Price Analysis
Recently, there was a decent increase in bitcoin price above the $8,000 and $8,200 resistance levels. BTC to USD even broke the $8,250 resistance area and traded towards the $8,300 area.
Looking at the 2-hours chart, bitcoin even settled above the $7,980 pivot level and the 50 simple moving average (2-hours, purple). However, the upward move failed to gather pace above $8,280 and $8,300.
A high was formed near $8,282 and the price corrected lower. It broke the 23.6% Fib retracement level of the upward move from $7,671 to $8,282. At the moment, the previous hurdle near $8,000 and the 50 simple moving average (2-hours, purple) seem to be providing support.
Moreover, bitcoin price is following a strong support at $7,980 and a bullish trend line on the 2-hours chart. The 50% Fib retracement level of the upward move from $7,671 to $8,282 is also near the $7,977 level.
Therefore, a downside break below the $7,980 and $7,977 levels might push the price towards the $7,800 level. The next major supports are $7,670 and $7,590, below which the bears are likely to take control.
Conversely, BTC price might break the $8,180 and $8,220 resistance levels to start a fresh rally. In the mentioned bullish case, the price is likely to climb towards the $8,400 and $8,500 levels in the near term.
Overall, bitcoin price is likely to preparing for the next crucial break either above $8,220 or below $7,980. A clear break above $8,220 could set the tone for a larger rally towards $8,800.