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.
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.