Bitcoin To Experience Short-term Accumulation
The BTC/USD price is currently within a range under the significant hurdle at $8200, suggesting a short-term accumulation stage. The price may rise to over $8200, or it could decline to $7700 to a modest bounce.
Bitcoin bulls succeeded in pushing the price to over $8000, despite the resistance. The price established a level over the 100 hourly SMA, although it struggled to rise over the hurdle at $8200.
Analyzing BTC/USD Hourly Chart
The BTC/USD hourly chart shows a modest upsurge from the $7668 swing low. It broke the hurdle at $8100 and the 100 hourly SMA, and it was able to form a high close to $8319 before its consolidation in a range.
Bitcoin appears to be in a short-term accumulation stage. It is into consolidation under the major hurdles at $8200 and $8250—additionally, a major declining trend line with hurdles close to $8170 formed. If the price surges over the hurdle at $8200, it may start a new massive rally. The immediate significant resistance is close to $8460, and a move over it could prompt the buyers to focus.
On the contrary, the price could move below $8000 support in the short-term. If it moves below it, the price could fall towards the support zone at $7700. The par gets supported majorly close to the $7600 zone. A successful close under $7600 and $7500 in the day may abort the bullish bias movement.
by Kyle Akihiko
by Mandy Williams
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