Should We Expect a Retracement After the Bitcoin Surges?
The price of BTC/USD rose by over 5% above the $7700 and $7800 hurdles. The bitcoin price visited the limitation at $8000 and may soon drop. Yesterday, there was an establishment that chances of the price to rise towards the hurdles at $7800 and $8000.
Nevertheless, it overcame every hurdle and surpassed the hurdle zone at $7800. Additionally, the price crossed the $7700 pivot level and the hourly SMA.
Analyzing the Hourly BTC/USD Chart
The BTC/USD hourly chart shows a critical break over a key contracting triangle with a hurdle close to $7620. Additionally, the bears appeared following a rally towards the hurdle at $8000. The price also formed a fresh high in 2020, close to $7990 and it is now retracing lower.
On the downside, there is the first support close to the $7800 zone. However, the initial major support is close to $7740. The extension on the downside correction may settle at $7680 support. Other additional downsides could discourage buyers to make the price fall towards the support zone at $7580.
It looks like the Bitcoin price stopped near the major hurdle zone $8000. Therefore, a short-term retracement under $7800 is noteworthy. There is a likelihood of the price obtaining bids close to $7740 or $7680. There may be a consolidation for some sessions prior to another surge towards $8000 or even $8150.