More

    Bitcoin Price (BTC) Sighting Bullish Break Above $7,450

    Bitcoin price is trading nicely above the $7,260 support area. BTC to USD seems to be setting up for a strong rally above the $7,460 and $7,500 resistance levels.

    Key Takeaways: BTC/USD

    • Bitcoin price is trading with a positive bias above the $7,260 support area against the US Dollar.
    • BTC/USD is trading below the $7,430 resistance and insider a contracting triangle on the 2-hours chart (data feed from Bitstamp).
    • Ethereum is still struggling to break the $148.50 and $151.80 resistance levels.

    Bitcoin Price Analysis

    Recently, there was a sharp decline in bitcoin price from the $7,770 swing high. BTC to USD traded below a few supports such as $7,510 and $7,460. The decline was such that the price dived below the $7,260 support.

    Bitcoin Price Analysis

    Looking at the 2-hours chart, bitcoin even tagged the $7,120 support area and settled below the 50 simple moving average (2-hours, purple). However, the $7,120 support area acted as a strong buy zone.

    As a result, the price started a fresh upward move above the $7,200 and $7,260 levels. Moreover, bitcoin price climbed back above $7,300 and the 50 simple moving average (2-hours, purple).

    There was a close above the 23.6% Fib retracement level of the decline from $7,770 to $7,104. At the moment, the price is trading below the $7,430 resistance and insider a contracting triangle on the 2-hours chart.

    The triangle resistance near the $7,430 is also close to the 50% Fib retracement level of the decline from $7,770 to $7,104. Therefore, an upside break above the $7,430 and $7,460 resistance levels could start another decent increase towards the $7,700 resistance area.

    An intermediate resistance is near the $7,610 level since it is close to the 76.4% Fib retracement level of the decline from $7,770 to $7,104.

    Conversely, the price could decline below the $7,280 and $7,220 support levels. In the mentioned case, bitcoin price may perhaps revisit the $7,120 support area. Any further losses could set the pace for a sharp decline below the $7,000 level in the near term.

    Live Bitcoin (BTC) Price:

    1 BTC/USD =$8,340.0767 change ~ -1.12%

    Coin Market Cap

    $151.63 Billion

    24 Hour Volume

    $4.22 Billion

    24 Hour VWAP

    $8.42 K

    24 Hour Change

    $-93.5733

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    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

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,727FollowersFollow
    4,098FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Celsius to Implement Compounding Interest on Cryptocurrencies Deposited in Its Wallet

    Borrowing and crypto lending platform Celsius's Founder, Alex Mashinsky announced, that starting February 1st, they will begin applying compound interest for their customer's wallets. https://twitter.com/CelsiusNetwork/status/1220013310168293377 The...

    BlockFi To Cut Rates For ‘Tier 1' BTC And ETH Lenders While Boosting ‘Tier 2' Starting Feb 1

    BlockFi announced changes in its Bitcoin (BTC) and Ethereum (ETH) lending yields starting Feb. 1. Changes follow the increasing price and interest in...

    MENA’s Unbanked to Drive Crypto Adoption While China’s 5G SIM Cards to Enable Digital Payments

    In MENA region, two-thirds of people unbanked but over half of the countries have 70% mobile subscriber penetration rate China Telecom working on...

    Are Mining Death Spiral Believers Holding Bitcoin's Price From Jumping?

    Bitcoin hash rate down at 118 Th/s from ATH of 126 Th/s hit on the day BTC price jumped to $9,000 A risk...

    Japanese Lawmakers Are Open to Issuing A Digital Yen To Compete With Libra, Digital Yuan

    A group of Japanese lawmakers from the ruling party came forward with the proposal of Japan issuing its own digital currency. It seems China’s determination...

    Bitcoin’s Privacy Update Schnorr/Taproot Reaches a New Milestone

    One of Bitcoin’s biggest upgrades that will improve the privacy of the network has been published on the GitHub as BIP 340, 341,...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.