{"id":386079,"date":"2019-06-14T06:00:15","date_gmt":"2019-06-14T06:00:15","guid":{"rendered":"https:\/\/wncen.com\/?p=386079"},"modified":"2024-06-11T12:50:19","modified_gmt":"2024-06-11T12:50:19","slug":"bitcoin-btc-price-gaining-momentum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-gaining-momentum\/","title":{"rendered":"Bitcoin (BTC) Price Gaining Momentum: Break Above $8,500 Likely"},"content":{"rendered":"<ul>\n<li>Bitcoin price extended gains recently and broke the $8,100 and $8,200 resistances against the US Dollar.<\/li>\n<li>The price seems to be setting up for more gains above the $8,300 resistance area.<\/li>\n<li>There is a crucial bullish trend line forming with support near $8,140 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is placed nicely above the $8,100 pivot level and it seems like there could be more upsides.<\/li>\n<\/ul>\n<p><em>Bitcoin price traded to a new weekly high above $8,300 against the US Dollar. BTC is showing a lot of positive signs and it could even rally towards the $8,500 resistance area.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past few sessions, <a href=\"https:\/\/wncen.com\/2019\/06\/13\/bitcoin-btc-price-primed-for-more-gains\/\" target=\"_blank\" rel=\"noopener noreferrer \">there was a steady rise<\/a> in bitcoin price above the $8,000 barrier against the US Dollar. The BTC\/USD pair gained bullish momentum above $8,150 and even broke the $8,200 level. Recently, the price broke the last swing high and traded above the $8,300 level. A new weekly high was formed at $8,344 before the price started a downside correction.<\/p>\n<p>Still, the price is trading well above the $8,000 level and the 100 hourly simple moving average. It corrected below the $8,250 level and the 23.6% Fib retracement level of the recent leg from the $8,006 low to $8,344 high. However, the recent decline is finding bids near the $8,175 level. It represents the 50% Fib retracement level of the recent leg from the $8,006 low to $8,344 high.<\/p>\n<p>On the downside, there are <a href=\"https:\/\/wncen.com\/2019\/06\/12\/bitcoin-btc-price-approaching-next-break-bullish-or-bearish\/\" target=\"_blank\" rel=\"noopener noreferrer \">many supports<\/a> near the $8,175 and $8,150 levels. Moreover, there is a crucial bullish trend line forming with support near $8,140 on the hourly chart of the BTC\/USD pair. The trend line support coincides with the 61.8% Fib retracement level of the recent leg from the $8,006 low to $8,344 high.<\/p>\n<p>Therefore, as long as the price is above the $8,140 level, it is likely to continue higher. On the upside, an initial resistance is near the $8,300 level, followed by the $8,344 high. If there is an upside break above $8,344, the price is likely to climb higher towards the $8,500 resistance area.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-386080\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(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 is clearly trading in a positive zone above the $8,150 and $8,100 support levels. The main support is near $8,000, below which the price may perhaps move into a bearish zone. The current price action is positive, suggesting an upside break above the $8,300 and $8,350 levels in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving higher towards 60 and 65.<\/p>\n<p>Major Support Levels \u2013 $8,150 followed by $8,100.<\/p>\n<p>Major Resistance Levels \u2013 $8,300, $8,350 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended gains recently and broke the $8,100 and $8,200 resistances against the US Dollar. The price seems to be setting up for more gains above the $8,300 resistance area. There is a crucial bullish trend line forming with support near $8,140 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is placed nicely above the $8,100 pivot level and it seems like there could be more upsides. Bitcoin price traded to a new weekly high above $8,300 against the US Dollar. BTC is showing a lot of positive signs and it could even rally towards the $8,500 resistance area. Bitcoin Price Analysis In the past few sessions, there was a steady rise in bitcoin price above the $8,000 barrier against the US Dollar. The BTC\/USD pair gained bullish momentum above $8,150 and even broke the $8,200 level. Recently, the price broke the last swing high and traded above the $8,300 level. A new weekly high was formed at $8,344 before the price started a downside correction. Still, the price is trading well above the $8,000 level and the 100 hourly simple moving average. It corrected below the $8,250 level and the 23.6% Fib retracement level of the recent leg from the $8,006 low to $8,344 high. However, the recent decline is finding bids near the $8,175 level. It represents the 50% Fib retracement level of the recent leg from the $8,006 low to $8,344 high. On the downside, there are many supports near the $8,175 and $8,150 levels. Moreover, there is a crucial bullish trend line forming with support near $8,140 on the hourly chart of the BTC\/USD pair. The trend line support coincides with the 61.8% Fib retracement level of the recent leg from the $8,006 low to $8,344 high. Therefore, as long as the price is above the $8,140 level, it is likely to continue higher. On the upside, an initial resistance is near the $8,300 level, followed by the $8,344 high. If there is an upside break above $8,344, the price is likely to climb higher towards the $8,500 resistance area. Looking at the chart, bitcoin price is clearly trading in a positive zone above the $8,150 and $8,100 support levels. The main support is near $8,000, below which the price may perhaps move into a bearish zone. The current price action is positive, suggesting an upside break above the $8,300 and $8,350 levels in the near term. Technical indicators: Hourly MACD \u2013 The MACD is about to move back in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving higher towards 60 and 65. Major Support Levels \u2013 $8,150 followed by $8,100. Major Resistance Levels \u2013 $8,300, $8,350 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":328923,"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-386079","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 Gaining Momentum: Break Above $8,500 Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin price traded to a new weekly high above $8,300 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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