Bitcoin Price (BTC) Preparing For Next Crucial Break, Bullish?

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.

Bitcoin Price Analysis

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.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,078.3008 change ~ -0.05%

Coin Market Cap

$167.25 Billion

24 Hour Volume

$2.78 Billion

24 Hour VWAP

$9.12 K

24 Hour Change

$-4.5271

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Avatar
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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