Bitcoin price climbed higher and settled above the $8,000 level against the US Dollar. BTC/USD is trading in a positive zone and it looks set for more gains above $8,600.
- Bitcoin price surged higher towards the $8,500-8,550 resistance zone before correcting lower.
- BTC/USD is showing a lot of bullish signs on the daily chart with a close above $7,810.
- The pair is following a solid bullish trend line with support at $7,900 on the 2-hours chart.
Bitcoin Price Weekly Analysis
Bitcoin price gained traction this past week and climbed above the $7,800 resistance level against the US Dollar. The BTC/USD pair even broke the $8,000 and $8,320 resistance levels and traded as high as $8,485.
Looking at the daily chart, the price is placed nicely in a bullish trend above $7,500. It was successful in clearing the 50% Fib retracement level of the last significant decline from the $9,961 high to $5,783 low.
It opened the doors for more gains and the price spiked above the $8,400 resistance area. However, upsides were capped by the 61.8% Fib retracement level of the last significant decline from the $9,961 high to $5,783 low.
Later, the price corrected lower, but the previous resistance near $7,800 acted as a support and prevented further declines. At the outset, the price is placed nicely with a bullish angle and it could accelerate gains above the $8,485 high. The next target for buyers could be near the $8,877 level, which was a key support earlier.
Moving down to the 2-hours chart of BTC/USD, the recent decline found support near a solid bullish trend line with current support at $7,900. The pair bounced back and moved above a bearish trend line at $8,100 and the 21 simple moving average (2-hours).
In the short term, there may well be a couple of swing moves towards $8,000 and $7,900, but bitcoin price remains well supported on dips.
Overall, BTC/USD is trading nicely in a bullish trend with supports near $8,000, $7,900 and $7,810. On the upside, a break above $8,300 will most likely clear the path for more upsides above the $8,500 resistance zone.
The market data is provided by TradingView, Coinbase.