Bitcoin Price Upsurge Predicted to Reach $8000
Bitcoin started an upward move against the USD after forming strong support close to the $7100 region. The price eventually inclined to $7300 and $7400 resistant level. Additionally, there was a close of over $7300 and the 100 hourly simple moving average. Ultimately, the price rose to over the $7500 level, but eventually, the uptrend declined.
In that case, a high close to $7500 got formed before the Bitcoin’s price dropped. This digital currency lost more of the earlier made gains and eventually decreased to the $7400 level. The price then traded at about $7300 level, and a low of $7305 got established.
Bitcoin Price Moving Upward
Currently, Bitcoin’s price is rising and trading above $7340. Moreover, it is close to the 23.6% Fib retracement levels of the recent decline, from the $7530 to $7305 low. The $7400 level is on the hurdle starting from the upside. There is also a 50% Fib retracement level of the recent drop, from a high level of $7530 to a low of $7305 near the $7420 level, to stop the upsurge.
Significant resistance is near the $7500 level, over which the price is likely to spike. In that case, the next hurdles could be near $7680 and $7700 levels. On the contrary, the price might get to around $7400 and $7420. On the downside, initial support close to the $7325 level is available, as there is also a formation of a bullish trend line with support near $7325 on Bitcoin price hourly chart.
The Price Chart Breakdown
The Bitcoin price chart shows a good signal of above the $7300 level. In that case, the price may incline towards $7500 and $7700 unless the bears drop the price to the $7200 support level. Additionally, the technical indicators reveal that the Bitcoin’s price hourly MACD is slowly reducing its bearish slope.
The hourly Relative Strength Index of the coin is currently above the 50-level, a good sign. The major support levels are $7325 and $7200. On the other hand, the significant resistant levels are $7400, $7420, and $7500.