Does Bitcoin Need to Drop to $8300 Before Another Upsurge?
Yesterday, Bitcoin’s price began a remarkable move on the upside, over the hurdles at $8200 and $8400. The price was eventually within a range before another rally over the hurdles at $8500 and $8600.
Bitcoin Price Analysis
There was an additional upsurge, over $8800, and settled well over the 100 hourly SMA. Hence, forming a new high close to $8898, and the price is now into a lower correction.
On the downside, there is support close to the $8600 and $8620, the first support. The immediate support maybe $8460, while the significant support and buy areas may be close to $8400 and $8300. Additionally, the BTC/USD hourly chart shows the formation of a major bullish trend line with support close to $8300. Therefore, declines in the price towards $8400 and $8300 could perchance secure remarkable bids.