- Bitcoin price surged more than 10% and broke the key $8,000 barrier against the US Dollar.
- The price traded to a new 2019 high close to $8,180 and remains in a strong uptrend.
- There is a short term bullish pattern forming with resistance near $8,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further towards $8,500 once it breaks $8,050 and $8,100.
Bitcoin price rallied significantly and broke $8,000 against the US Dollar. BTC bulls remain in full control and they are likely to target the $8,500 level in the coming sessions.
Bitcoin Price Analysis
There was no stopping bitcoin after it broke the $7,500 resistance level against the US Dollar. The BTC/USD pair started a fresh rally after forming a swing low at $6,995. It broke the $7,200 and $7,500 resistance levels, plus remained well above the 100 hourly simple moving average. Finally, the bulls were able to clear the last swing high near $7,580 and pushed the price towards the $8,000 barrier. There was a clear break above the $8,000 barrier and the price posted a new 2019 high close to $8,180.
Recently, there was a sharp downside correction below $7,850 and the 23.6% Fib retracement level of the upward move from $6,995 low to $8,172 high. The price even dipped below the $7,800 level. However, the $7,600 level acted as a strong support. Besides, the 50% Fib retracement level of the upward move from $6,995 low to $8,172 high acted as a support. The price is now back above $7,800 and $7,950. Moreover, there is a short term bullish pattern forming with resistance near $8,050 on the hourly chart of the BTC/USD pair.