{"id":401962,"date":"2019-10-22T06:00:26","date_gmt":"2019-10-22T06:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=401962"},"modified":"2024-06-11T12:50:08","modified_gmt":"2024-06-11T12:50:08","slug":"bitcoin-btc-price-eyeing-8500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-eyeing-8500\/","title":{"rendered":"Bitcoin (BTC) Price Eyeing Another Leg Higher To $8,500"},"content":{"rendered":"
Bitcoin price is attempting another upward move above $8,300 against the US Dollar. It seems like BTC price could soon revisit the key $8,400 and $8,500 resistance levels.<\/em><\/p>\n Recently, we saw an upside break<\/a> above the $8,100 and $8,200 resistances in bitcoin against the US Dollar. BTC price even settled above $8,100 and the 100 hourly simple moving average.<\/p>\n It opened the doors for more gains and the price recently spiked above $8,300. However, the price failed to stay above the $8,300 pivot level and trimmed most its gains. The last swing high was near $8,388 before the price declined below $8,300.<\/p>\n Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $7,885 low to $8,388 high. Finally, the price spiked below the $8,200 support area, but it remained stable above the $8,100 support area.<\/p>\n It seems like the 50% Fib retracement level of the upward move from the $7,885 low to $8,388 high acted as a strong support for bitcoin. More importantly, there is a short term declining channel or bullish flag pattern forming with resistance near $8,255 on the hourly chart of the BTC\/USD pair.<\/p>\n On the upside, an immediate resistance is near the $8,260 and $8,280 levels. The main resistance<\/a> is near the $8,300 level, above which the price could climb steadily towards the $8,400 resistance area.<\/p>\n Should there be an upside break above $8,400, the price may perhaps test the weekly resistance area near $8,500. On the downside, the $8,150 and $8,100 levels are important. If there is a bearish break below the $8,100 support, the price could test the $8,050 level and the 100 hourly SMA.<\/p>\nBitcoin Price Analysis<\/h2>\n