The Currency Analytics
By Steven Anderson
Bitcoin’s Key Bullish Area
How High Can BTC Rally in The Next Few Days?
BTC Price’s Support on Dips
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…
Before it started the downside retracement, the price of Bitcoin formed a short-term top near to $9,191 level.
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…
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.
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.
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.
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.
The ability of the buyers to push above that level led Bitcoin to form a bullish W bottom formation in the 4-hour chart.
Many analysts expect that Bitcoin could rally towards $9,000 before entering another enough resistance to in halting the momentum.
The bears have recently pushed the price under the Fib retracement degree of 23.6%, transferring $6,836 low to $9,191 high.
Furthermore, the Fib retracement degree of 50% from $6,836 low to $9,291 high is also close to $8,000.
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…