Bitcoin Charts Show Hurdles from $7800 to $8000

News / 06.01.2020

The BTC/USD price may surge significantly over $7500. There are, however, various hurdles from $7700 to $8000. The price rose decently over the hurdle at $7300 in the last few sessions—additionally, the price established over $7400, and the 100 hourly SMA.

Recently, the price inclined over a short term declining trend line, with a hurdle close to $7455. It led to more gains over the hurdle at $7500 and attained a new 2020 high at $7572; nevertheless, currently, it is correcting lower.

The first support on the downside is close to $7500. A look at the upside on the hourly chart of Bitcoin against the USD shows the next hurdle close to $7580 and $7600. The initial major hurdle is close to $7640. Hence, there is an essential observation from $7700 to $8000.

What to Expect When the Bitcoin Price Rises or Drops

An action gets needed as the price moves toward the major $8000 hurdle. The price may surge towards $8500 and $8800 if it successfully rises over the hurdle at $8000. There are several barriers between $7700 and $8000; therefore, it is not easy to shun the possibility of a declining reaction under $7500 and $7450.

Additionally, the BTC/USD chart reveals the initial major support close to $7400, and then a correcting bullish trend line close to $7360. A successful push of the price under the trend line puts Bitcoin at risk of a huge drop towards the support zone at $7200.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.