{"id":384591,"date":"2019-06-01T04:08:52","date_gmt":"2019-06-01T04:08:52","guid":{"rendered":"https:\/\/wncen.com\/?p=384591"},"modified":"2024-06-11T12:50:59","modified_gmt":"2024-06-11T12:50:59","slug":"bitcoin-btc-price-recovers-sharply","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-recovers-sharply\/","title":{"rendered":"Bitcoin (BTC) Price Recovers Sharply: Can Bulls Overcome Hurdles?"},"content":{"rendered":"<ul>\n<li>Bitcoin price declined heavily and tested the $8,000 support area against the US Dollar.<\/li>\n<li>The price recovered nicely and traded above the $8,300 and $8,450 resistance levels.<\/li>\n<li>There is a rising channel forming with support near $8,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is facing a solid resistance near the $8,600 area and the 100 hourly simple moving average.<\/li>\n<\/ul>\n<p><em>Bitcoin price is currently recovering above $8,450 against the US Dollar. BTC needs to surpass the $8,600 barrier to move back in a positive zone and climb further higher.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin price <a href=\"https:\/\/wncen.com\/2019\/05\/31\/bitcoin-btc-price-nosedives-is-this-the-start-of-major-correction\/\" target=\"_blank\" rel=\"noopener noreferrer \">declined sharply<\/a> after pumping to a new 2019 high at $9,091 against the US Dollar. The BTC\/USD pair collapsed below the $8,800 and $8,600 support levels. The decline was strong and gained pace below the $8,450 support plus the 100 hourly simple moving average. Moreover, there was a clear break below the $8,300 support and the $8,220 pivot level. The price traded close to the $8,000 level, where the bulls protected further losses.<\/p>\n<p>A swing low was formed near $7,999 before the price started a strong recovery. There was a pump above the $8,300 level and the 23.6% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. More importantly, the price traded above the $8,450 resistance. At the moment, the price is trading above the 50% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. Besides, there is a rising channel forming with support near $8,450 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the downside, there is a strong support forming near the $8,450 level. If there is a downside break below $8,450, the price might restart its decline towards the $8,300 level. The next key supports are near the $8,220 and $8,150 levels. On the upside, the main resistance is near the $8,600 level and the 100 hourly SMA. The 61.8% Fib retracement level of the recent decline from the $9,091 high to $7,999 low is also near the $8,670 level. Therefore, a successful break above the $8,600 and $8,670 levels is needed for <a href=\"https:\/\/wncen.com\/2019\/05\/30\/bitcoin-btc-price-signaling-fresh-increase-buying-dips-favored\/\" target=\"_blank\" rel=\"noopener noreferrer \">more gains in the near term<\/a>.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-384592\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price recovered nicely above $8,450 and it is currently showing positive zone. If the bulls remain in action and push the price above $8,600, there are chances of bullish continuation.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is back in the bullish zone, with positive signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD climbed back above the 50 level, with a positive angle.<\/p>\n<p>Major Support Levels \u2013 $8,450 followed by $8,300.<\/p>\n<p>Major Resistance Levels \u2013 $8,600, $8,670 and $8,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined heavily and tested the $8,000 support area against the US Dollar. The price recovered nicely and traded above the $8,300 and $8,450 resistance levels. There is a rising channel forming with support near $8,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is facing a solid resistance near the $8,600 area and the 100 hourly simple moving average. Bitcoin price is currently recovering above $8,450 against the US Dollar. BTC needs to surpass the $8,600 barrier to move back in a positive zone and climb further higher. Bitcoin Price Analysis Recently, bitcoin price declined sharply after pumping to a new 2019 high at $9,091 against the US Dollar. The BTC\/USD pair collapsed below the $8,800 and $8,600 support levels. The decline was strong and gained pace below the $8,450 support plus the 100 hourly simple moving average. Moreover, there was a clear break below the $8,300 support and the $8,220 pivot level. The price traded close to the $8,000 level, where the bulls protected further losses. A swing low was formed near $7,999 before the price started a strong recovery. There was a pump above the $8,300 level and the 23.6% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. More importantly, the price traded above the $8,450 resistance. At the moment, the price is trading above the 50% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. Besides, there is a rising channel forming with support near $8,450 on the hourly chart of the BTC\/USD pair. On the downside, there is a strong support forming near the $8,450 level. If there is a downside break below $8,450, the price might restart its decline towards the $8,300 level. The next key supports are near the $8,220 and $8,150 levels. On the upside, the main resistance is near the $8,600 level and the 100 hourly SMA. The 61.8% Fib retracement level of the recent decline from the $9,091 high to $7,999 low is also near the $8,670 level. Therefore, a successful break above the $8,600 and $8,670 levels is needed for more gains in the near term. Looking at the chart, bitcoin price recovered nicely above $8,450 and it is currently showing positive zone. If the bulls remain in action and push the price above $8,600, there are chances of bullish continuation. Technical indicators: Hourly MACD \u2013 The MACD is back in the bullish zone, with positive signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD climbed back above the 50 level, with a positive angle. Major Support Levels \u2013 $8,450 followed by $8,300. Major Resistance Levels \u2013 $8,600, $8,670 and $8,800.<\/p>\n","protected":false},"author":67,"featured_media":344600,"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-384591","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 Recovers Sharply: Can Bulls Overcome Hurdles?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently recovering above $8,450 against the US Dollar. 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