Bitcoin News
By Steven Anderson
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Bitcoin’s Key Bullish Area
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How High Can BTC Rally in The Next Few Days?
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BTC Price’s Support on Dips
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Currently, Bitcoin (BTC) is trading above the $8,200 level. Despite starting a downside consolidation from its 2020 high of $9,191 over the US Dollars, the price of BTC remains…
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Before it started the downside retracement, the price of Bitcoin formed a short-term top near to $9,191 level.
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Analysts found a number of support levels for Bitcoin that are close to $8,200 and $8,00, while the major support level is near $8,000 due to its closed position to the 100-day…
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Based on the BTC/USD chart, there’s a key barrier found at $8,500. Aside from that, a bullish flag or bearish channel is forming near the $8,500 level.
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The price of BTC is required to surge past the hurdles between $8,500 and $8,540 to call for a fresh increase. Above those levels, a rally towards $9,000 and $9,200 is possible.
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In the case that the Bitcoin’s price breaks beneath the $7,670 and $7,600, then there will be a bullish perspective invalidation at the moment.
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A few days ago, Bitcoin entered a quick rejection at $8,500 level after the bulls prompt the weekly low of $8,200. That is despite the selloff act as the key resistance level.
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The ability of the buyers to push above that level led Bitcoin to form a bullish W bottom formation in the 4-hour chart.
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Many analysts expect that Bitcoin could rally towards $9,000 before entering another enough resistance to in halting the momentum.
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The bears have recently pushed the price under the Fib retracement degree of 23.6%, transferring $6,836 low to $9,191 high.
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Furthermore, the Fib retracement degree of 50% from $6,836 low to $9,291 high is also close to $8,000.
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As for the upside, the $8,500 level will act as the major barrier to the bulls. Besides, as mentioned, there’s a formation of a bullish flat or declining channel near the $8,500…
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