In today’s Bitcoin price analysis, the coin found a strong buying interest above $8,200, resulting in a fresh increase above $8,500. BTC is currently trading above $8,600 and the bulls seem to be eyeing a break above $8,800 and $9,000.
Bitcoin Price Medium-term Analysis
Last week, the price of Bitcoin (BTC) was trading in a bearish trend zone. However, the bulls were able to defend the $8,200 support level. As a result, this revived the suppressed bullish action, encouraging more buyers to join the market. Moreover, Bitcoin price not only broke above the $8,400 but also reclaimed that at $8,600 resistance level. The bulls continued the uptrend towards $8,700 level before losing momentum at $8,690.
At the time of writing this Bitcoin price analysis, the coin is changing hands at the $8,616 level.
Conversely, if there is an extended downside correction, Bitcoin price might test the $8,500 support. Any further downsides might discourage the bulls and the price could dip towards the $8,300 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, the price of BTCUSD is in a bullish trend in the short-term, with the $8,200 support level containing downside selling attacks. However, BTCUSD bulls need to maintain the price above the $8,500 level in order to encourage another technical test of the $9,000 resistance level. On the other hand, a break below the $8,200 level could see the BTCUSD pair slipping towards the $7,750 support level this week.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $8,800, $9,000, $9,200
- Support levels: $8,500, $8,300, $8,000
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
