Bitcoin (BTC) Targets $8500 In Weekly Analysis As The Cryptocurrency Market Trades In Green 

The leading cryptocurrency in the market as per market capitalization, Bitcoin (BTC), treaded above $7,000 finding support at $7,200. A major bullish trendline was formed around the $7,000 level this week. From the 4-hour Bitcoin to USD chart, Bitcoin has found support at $7,000. The next upward move will most likely take Bitcoin above the $7600 level. If this movement remains bullish, Bitcoin’s next target will be above $8500. However, if Bitcoin is unable to stay above the $7,240 level short-term, the price may fall.

Bitcoin (BTC) To USD Price Analysis

At the beginning of the week, Bitcoin took a major move above the $6,800 resistance and jumped all the way to $7,200 where it gained more momentum to rise above $7,500. Eventually, Bitcoin broke the resistance at $7,500 trading as high as $7,672. The cryptocurrency later started trading in range and went below the resistance at $7,650.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %

The Bitcoin to USD pair tested the 23.6% Fibonacci retracement level of the last rise from $6,079 to $7,672. The declines were capped around the $7250 level. The charts show that there is a significant range that has formed with resistance around $7,600 and support around $7,240. If the price breaks below the support at $7,240, it may decline lower and break the $7,000 support. Also, a significant bullish trendline has been formed with a $7,000 support. There is also a strong support around the 50% Fibonacci retracement level of the last rise from $6,079 to $7,672.

Weekly Analysis Of Bitcoin According To Aayush Jindal From NewsBtc

The weekly chart show that Bitcoin is most likely going to break the resistance at $7,600 and gather momentum to move above $8,000. If it crosses this level, the cryptocurrency is going to move above the $8500 level this coming week. If the price fails to hold above the $7,240 level, it will most likely fall below $7,000.

The relative strength index is above 50 and the MACD on the 4-hour chart is slowly entering the bearish territory. The significant support level is currently at $7,000 while the significant resistance level is at $7,600.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.