{"id":400366,"date":"2019-10-03T06:00:47","date_gmt":"2019-10-03T06:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=400366"},"modified":"2024-06-11T12:52:37","modified_gmt":"2024-06-11T12:52:37","slug":"bitcoin-price-btc-primed-for-lift-off-towards-8800","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-primed-for-lift-off-towards-8800\/","title":{"rendered":"Bitcoin Price (BTC) Primed For Lift-Off Towards $8,800"},"content":{"rendered":"
Bitcoin price is showing signs of an extended recovery above $8,500 against the US Dollar. BTC is likely to rise slowly unless it breaks the $8,000 support area.<\/em><\/p>\n After bitcoin failed near the $8,500 resistance<\/a>, there was a downside correction against the US Dollar. The BTC\/USD traded below the $8,400 and $8,300 levels. Moreover, there was a break below the $8,200 level. However, the 100 hourly simple moving average acted as a support and a low was formed near $8,175. Recently, the price started a fresh increase and traded above the $8,300 level.<\/p>\n There was a break above the 50% Fib retracement level of the last decline from the $8,536 high to $8,175 low. The price climbed above the $8,350 level and tested the $8,400 resistance. It seems like the 61.8% Fib retracement level of the last decline from the $8,536 high to $8,175 low is currently acting as a resistance. If there is an upside break above $8,400, the price is likely to retest $8,500.<\/p>\n If the bulls manage to surpass the $8,500 barrier, there are chances of more upsides<\/a>. The next stop for them could be near the $8,800 level. The next key resistance area is near the $9,000 level. On the downside, there is a decent support forming near the $8,250 and $8,200 levels. Moreover, there is a new connecting bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair.<\/p>\n If there is another decline, the trend line support or $8,250 might prevent losses. If the bulls fail to protect $8,250 and $8,200, the price may perhaps test the $8,000 support. Any further losses may perhaps push the price back into a bearish zone towards $7,500.<\/p>\nBitcoin Price Analysis<\/h2>\n