{"id":382324,"date":"2019-05-15T06:00:53","date_gmt":"2019-05-15T06:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=382324"},"modified":"2024-06-11T12:50:48","modified_gmt":"2024-06-11T12:50:48","slug":"bitcoin-btc-price-primed-to-break-8-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-primed-to-break-8-5k\/","title":{"rendered":"Bitcoin (BTC) Price Primed To Break $8.5K, Dips Remain Supported"},"content":{"rendered":"<ul>\n<li>Bitcoin price started a downside correction after trading close to $8,350 against the US Dollar.<\/li>\n<li>The price declined below the $8,000 support and tested the $7,600-7,630 support area.<\/li>\n<li>There is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could retest the $7,600 support area before it could start a fresh increase above $8,200.<\/li>\n<\/ul>\n<p><em>Bitcoin price corrected lower recently below $8,000 against the US Dollar. However, BTC remains well bid above $7,600 and it is likely to climb back above $8,200 and $8,300.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw an <a href=\"https:\/\/wncen.com\/2019\/05\/14\/bitcoin-btc-price-forecast-remains-bullish\/\" target=\"_blank\" rel=\"noopener noreferrer \">extended rally<\/a> in bitcoin price above the $8,000 barrier against the US Dollar. The BTC\/USD pair broke the $8,200 and $8,300 resistance levels. It traded close to the $8,340 level and a new 2019 high was formed at $8,338. Later, the price started a downside correction below the $8,200 support, but remained well above the 100 hourly simple moving average. The price declined below the $8,000 support level and traded close to the key $7,600 support area. A swing low was formed at $7,631 and the price recovered recently above $8,000.<\/p>\n<p>There was a break above the 50% Fib retracement level of the recent decline from the $8,338 high to $7,631 low. However, the price seems to be facing a strong resistance near $8,150. The 61.8% Fib retracement level of the recent decline from the $8,338 high to $7,631 low is also preventing an <a href=\"https:\/\/wncen.com\/2019\/05\/13\/bitcoin-btc-price-uptrend-intact-7500\/\" target=\"_blank\" rel=\"noopener noreferrer \">upside break<\/a>. Moreover, there is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC\/USD pair. Therefore, the pair needs to clear the trend line and $8,150 to start a fresh increase.<\/p>\n<p>On the upside, an immediate resistance above $8,150 is at $8,220. The next key resistance is near the $8,340 level, above which the price could test the $8,500 level. The 1.236 Fib extension level of the recent decline from the $8,338 high to $7,631 low is also near the $8,505 level.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-382325\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-15.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is currently consolidating above the $8,000 level. In the short term, there could be another drop towards $7,850 or even $7,630. However, there are many support on the downside near the $7,580 and $7,600 levels. Besides, this week\u2019s followed important bullish trend line is intact with support at $7,580. As long as the price is above the trend line support, it is likely to break $8,150 and $8,340.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,850 followed by $7,630.<\/p>\n<p>Major Resistance Levels \u2013 $8,100, $8,150 and $8,340.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction after trading close to $8,350 against the US Dollar. The price declined below the $8,000 support and tested the $7,600-7,630 support area. There is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could retest the $7,600 support area before it could start a fresh increase above $8,200. Bitcoin price corrected lower recently below $8,000 against the US Dollar. However, BTC remains well bid above $7,600 and it is likely to climb back above $8,200 and $8,300. Bitcoin Price Analysis Yesterday, we saw an extended rally in bitcoin price above the $8,000 barrier against the US Dollar. The BTC\/USD pair broke the $8,200 and $8,300 resistance levels. It traded close to the $8,340 level and a new 2019 high was formed at $8,338. Later, the price started a downside correction below the $8,200 support, but remained well above the 100 hourly simple moving average. The price declined below the $8,000 support level and traded close to the key $7,600 support area. A swing low was formed at $7,631 and the price recovered recently above $8,000. There was a break above the 50% Fib retracement level of the recent decline from the $8,338 high to $7,631 low. However, the price seems to be facing a strong resistance near $8,150. The 61.8% Fib retracement level of the recent decline from the $8,338 high to $7,631 low is also preventing an upside break. Moreover, there is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC\/USD pair. Therefore, the pair needs to clear the trend line and $8,150 to start a fresh increase. On the upside, an immediate resistance above $8,150 is at $8,220. The next key resistance is near the $8,340 level, above which the price could test the $8,500 level. The 1.236 Fib extension level of the recent decline from the $8,338 high to $7,631 low is also near the $8,505 level. Looking at the chart, bitcoin price is currently consolidating above the $8,000 level. In the short term, there could be another drop towards $7,850 or even $7,630. However, there are many support on the downside near the $7,580 and $7,600 levels. Besides, this week\u2019s followed important bullish trend line is intact with support at $7,580. As long as the price is above the trend line support, it is likely to break $8,150 and $8,340. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat above the 50 level. Major Support Levels \u2013 $7,850 followed by $7,630. Major Resistance Levels \u2013 $8,100, $8,150 and $8,340.<\/p>\n","protected":false},"author":67,"featured_media":382326,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-382324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Primed To Break $8.5K, Dips Remain Supported<\/title>\n<meta name=\"description\" content=\"Bitcoin price corrected lower recently below $8,000 against the US Dollar. 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However, BTC remains well bid above $7,600 and it is likely to climb back above $8,200 and $8,300.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-btc-price-primed-to-break-8-5k\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin (BTC) Price Primed To Break $8.5K, Dips Remain Supported","og_description":"Bitcoin price corrected lower recently below $8,000 against the US Dollar. 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