{"id":383704,"date":"2019-05-25T04:38:25","date_gmt":"2019-05-25T04:38:25","guid":{"rendered":"https:\/\/wncen.com\/?p=383704"},"modified":"2024-06-11T13:43:24","modified_gmt":"2024-06-11T13:43:24","slug":"bitcoin-btc-price-bulls-target-fresh-high","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-bulls-target-fresh-high\/","title":{"rendered":"Bitcoin (BTC) Price Smashes Resistance: Bulls Target Fresh High"},"content":{"rendered":"
Bitcoin price jumped back into a positive zone above $7,800 against the US Dollar. BTC is currently forming a bullish pattern and it may continue to rise towards $8,300 an 8,500 in the near term.<\/em><\/p>\n Recently, we saw a strong bounce<\/a> in bitcoin price from the $7,475 swing low against the US Dollar. The BTC\/USD pair surged higher and broke many hurdles near $7,700 and $7,800. There was even a break above the $8,000 level and the 100 hourly simple moving average. It seems like the bulls are back in action and the price completed a downside correction near the $7,500 support area. This also suggests that there are chances of more gains above the $8,200 level.<\/p>\n Recently, this week\u2019s followed important declining channel was breached near $7,960 on the hourly chart of the BTC\/USD pair. The pair spiked towards the $8,200 level and formed an intraday high at $8,180. The price is currently consolidating gains above $8,000. Moreover, it traded below the $8,100 level and the 23.6% Fib retracement level of the upward move from the $7,475 low to $8,180 high. However, the broken resistance near the $7,960 and $8,000 levels is currently acting as a strong support.<\/p>\n Besides, the pair is currently forming a triangle pattern with resistance near $8,050 on the same chart. Therefore, if the pair clears the triangle resistance and surges above $8,100, there could be solid gains in the coming sessions<\/a>. The next key resistances area near the $8,200 and $8,300 levels. Above these, the price is likely to trade to a new 2019 high.<\/p>\nBitcoin Price Analysis<\/h2>\n