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
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.