- Bitcoin finds strong support at the $7,150 mark
- Can Bitcoin end the year over the $7,500 level?
Bitcoin News Today – The price of Bitcoin (BTC) is showing signs of a renewed uptrend against the USD. Bitcoin is currently trading slightly below the $7,300 mark. However, for the digital currency to prepare for another push towards the $7,500 mark, it needs to remain over the $7,150 support level.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) recently formed a new weekly high close to $7,531. Since then, it has been on a downward correction against the US dollar. The price of the digital currency plunged below the $7,400 and $7,300 support levels. Besides, there was also a close below the $7,300 and the 100-hourly simple moving average.
Finally, the digital currency plunged below the $7,200 support area but the bulls were able to hold gains over the $7,150 mark. BTC formed a low close to $7,179 and it is currently consolidating losses over the $7,200 mark. The immediate resistance of the coin is close to the $7,240 mark.
Moreover, there was a formation of a key bearish trendline with resistance close to the $7,240 mark on the hourly chart of BTC against USD. The next resistance of the digital currency is close to the 23.6 percent Fibonacci retracement level of the previous swing from the high of $7,531 to the low of $7,179. Nevertheless, the first major resistance is close to the $7,300 level and the 100-hourly simple moving average.
If Bitcoin breaks over the $7,300 resistance level successfully, it might experience a massive push towards the $7,400 hurdle point. An intermediate hurdle point could be $7,355 or the 50 percent Fibonacci retracement level of the previous swing from the high of $7,531 to the low of $7,179.
Can Bitcoin End the Year over the $7,500 Mark?
A follow-through over the $7,400 hurdle point might pave the way for a larger upward move towards the $7,500 and $7,600 hurdle points. A break over those levels might set the tone for more gains towards the $8k level and beyond. Conversely, Bitcoin (BTC) might have a hard time breaking over the $7,300 resistance level and the 100 hourly simple moving average.
If BTC continues to struggle below $7,300, chances are it might break below the $7,200 and $7,150 support areas. However, from the chart of the coin, the price of BTC seems to be getting ready for an upside break over the $7,240 and $7,300 resistance level. If the digital currency breaks over the $7,300 level, it is sure to head towards the $7,400 and $7,500 levels. At press time, the immediate resistance of the coin is at the $7,200 mark, followed by $7,150.