Bitcoin Price (BTC) Primed For Fresh Rally If It Breaks $7,950

Bitcoin price is holding the key $7,670 support area and consolidating losses. BTC to USD is likely to start a fresh rally if it clears the $7,950 and $8,000 resistance levels.

Key Takeaways: BTC/USD

  • Bitcoin price is currently trading above the $7,670 and $7,590 support levels against the US Dollar.
  • BTC/USD is following a declining channel with resistance near $7,860 on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is also rising and it could rally if there is a clear break above the $140 resistance.

Bitcoin Price Analysis

After trading to a new yearly high at $8,462, bitcoin price corrected lower. BTC to USD traded below the $8,160 and $8,000 support levels to enter a short term bearish zone.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even settled below the $8,000 mark and the 50 simple moving average (2-hours, purple). However, the decline was protected by the key $7,670 support area.

A low is formed near $7,671 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from $8,462 to $7,671.

Moreover, bitcoin price seems to be following a declining channel with resistance near $7,860 on the 2-hours chart. If there is a clear break above the channel resistance, the price could test the $7,950 resistance.

A clear break above the $7,650 resistance, the 50 simple moving average (2-hours, purple), and the $8,000 level is needed for a fresh upward move. Besides, the 50% Fib retracement level of the recent decline from $8,462 to $7,671 is near the $8,060 area.

Therefore, a successful close above the $8,060 area could start a strong upward move towards the $8,160 and $8,320 levels. Any further gains might lead the price towards the $8,400 level.

Conversely, bitcoin price might fail to climb above the $7,950 and $8,000 resistance levels. In the mentioned case, there is a risk of more downsides below the $7,670 and $7,590 support levels. The next key support is seen near the $7,255 level, where the bulls are likely to appear.

Live Bitcoin (BTC) Price:

1 BTC/USD =$11,585.4990 change ~ 0.05%

Coin Market Cap

$213.8 Billion

24 Hour Volume

$7.49 Billion

24 Hour VWAP

$11.41 K

24 Hour Change

$5.7088

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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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