- Bitcoin price is up more than 5% and it broke the key $8,500 resistance against the US Dollar.
- The price is currently consolidating gains above the $8,500 and $8,400 support levels.
- There is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is showing a lot of positive signs and it could continue to rise above $8,600 and $8,750.
Bitcoin price is back in a positive zone above $8,500 against the US Dollar. BTC could correct in the short term, but it remains well supported above $8,350.
Bitcoin Price Analysis
Yesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also discussed a possible bounce as long as the price holds the $8,000 support area and the 100 hourly simple moving average. The price did stay above $8,000 and recently started a strong upward move. It is up more than 5% and surpassed the $8,350 resistance. Moreover, there was a break above the key $8,500 resistance area.
A new weekly high was formed near $8,691 and the price is currently consolidating gains. It corrected below the $8,600 level. However, the 23.6% Fib retracement level of the recent rally from the $8124 low to $8,691 high is acting as a decent support. Additionally, there is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair.