Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term.
- Bitcoin is showing signs of exhaustion above $7,500 and $7,600 against the US Dollar.
- The bears are likely to put a strong fight near the $8,000 resistance area.
- There is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could spike towards the $8,000 resistance, where the bulls are likely to face many hurdles.
Bitcoin Approaching Key Resistance
In the past few sessions, bitcoin remained well bid above the $7,400 and $7,420 levels against the US Dollar. BTC price corrected a few points below the $7,555 support, but dips were limited.A low was formed near $7,484 and the price started a fresh increase. It climbed above the $7,555 level and the bulls were able to push the price above the key $7,600 resistance.
$8,000 as a Key Hurdle
As discussed in one of the previous analyses using the daily chart of bitcoin, the $8,000 level is a major hurdle for the bulls in the near term.
There are high chances of a strong bearish reaction near the $8,000 level. If the bulls remain in action and push the price above $8,000, the price could continue higher towards $8,800 or $9,000. Technical indicators: