Bitcoin Crucially Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch
The price of BTC/USD surged to the upside by over 5 percent and was able to break major resistances close to $8,250 and $8,500. The price could keep rising towards $8,780 and $8,800 soon.
In the previous day, it was mentioned that the price could surge above the hurdle at $8,200. The price gathered sufficient momentum that led to a surge over the major range hurdle close to $8,200.
Further, the buyers were able to move the price over the critical declining trend line highlighted in the previous day, with hurdle close to $8,150, as observed on the hourly chart of the BTC against the USD. This paved the way for additional upsides with a rally over hurdles at $8,400 and $8,500.
The price eventually attained a fresh 2020 high at $8,627 and it is now retracing backward. Nevertheless, several supports exist on the downside and it begins with $8,460 and up to $8,200.
The first resistances on the upside are $8,680 and $8,700. A successful surge above $8,700 needs a focus on the immediate main levels ($8,800 and $8,950). The bulls may work towards $9,000 as the major target above $8,700.
For now, the price may return to the downside under $8,500. Any additional declines may take the price towards the major support at $8,200.
The price may be strongly supported at the recent breakout area at $8,200, if a downside retracement from the price level at the moment begins. The general price action is positive, pointing to additional upsides towards $8,800 and $9,000 soon.