Bitcoin Price (BTC) Surging, Next Targets $8K and $8.2K


Bitcoin price is trading nicely above the $7,365 and $7,485 resistance levels. BTC to USD is likely to continue higher towards the $8,000 and $8,200 resistance levels.

Key Takeaways: BTC/USD

  • Bitcoin price is showing a lot of positive signs above the $7,365 resistance against the US Dollar.
  • BTC/USD is following a nice bullish trend line with support near $7,410 on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is up 5% and ripple price rallied recently buy 10% to climb above $0.2100.

Bitcoin Price Analysis

In the past few days, there was a nice uptrend formation in bitcoin price above the $7,000 support area. BTC to USD gained pace above the $7,365 resistance recently to move further into a positive zone.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even settled above the $7,485 resistance and the 50 simple moving average (2-hours, purple). The recent high was near $7,577 and the price is currently consolidating gains.

An initial support is near the $7,510 level. It represents the 23.6% Fib retracement level of the recent leg from $7,308 to $7,557. The first key support is seen near the $7,485 level (the recent breakout zone).

The next major support is near the $7,440 level since it is close to the 50% Fib retracement level of the recent leg from $7,308 to $7,557. Besides, bitcoin price seems to be following a nice bullish trend line with support near $7,410 on the 2-hours chart.

Therefore, a downside correction towards the $7,440 support or the trend line might find a strong buying interest in the near term. If there is a downside break below the trend line, the price might start a bearish wave towards $7,200.

On the upside, an initial resistance is near the $7,577 high, above which the price is likely to surpass the $7,640 and $7,660 resistance levels.

The next major hurdle is near the $7,800 level. Any further gains could lead bitcoin price towards the $8,000 and $8,200 resistance levels in the near term. Overall, BTC remains well bid for more gains above $7,800.

Live Bitcoin (BTC) Price:

1 BTC/USD =$49,414.1939 change ~ -0.13%

Coin Market Cap

$924.56 Billion

24 Hour Volume

$25.73 Billion

24 Hour VWAP

$49.95 K

24 Hour Change

$-66.42

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