- Bitcoin price traded to a new 2019 high at $8,370 and recently corrected lower against the US Dollar.
- The price traded below the $8,200 support, but there are many supports above $7,800 and $7,600.
- This week’s followed bullish trend line could provide support at $7,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- There were strong gains in Ethereum (broke $265) and ripple (tested $0.4800) in the past few hours.
Bitcoin price traded further higher before it faced sellers near $8,370 against the US Dollar. BTC is currently correcting lower, but dips remain well supported above $7,800 and $7,600.
Bitcoin Price Analysis
Yesterday, we discussed the chances of more gains in bitcoin price above $8,300 against the US Dollar. The BTC/USD pair did extend upsides above $8,280 and $8,300. The pair even traded to a new 2019 high near $8,370, but it failed to continue higher. As a result, the price started a fresh downside correction below the $8,300 and $8,280 support levels. The price even broke the $8,200 support, but stayed well above the 100 hourly simple moving average.During the decline, there was a break below the 50% Fib retracement level of the upside from the $7,625 low to $8,370 high. Besides, the price traded below an ascending channel with support near $8,200 on the hourly chart. It opened the doors for more losses and the price spiked below $8,000. BTC price even traded below the 61.8% Fib retracement level of the upside from the $7,625 low to $8,370 high. However, the $7,800 level acted as a strong support. More importantly, this week’s followed bullish trend line could provide support at $7,800 on the hourly chart of the BTC/USD pair.