{"id":406586,"date":"2019-12-09T06:00:55","date_gmt":"2019-12-09T06:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=406586"},"modified":"2024-06-11T12:52:27","modified_gmt":"2024-06-11T12:52:27","slug":"bitcoin-btc-target-fresh-high-or-8k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-target-fresh-high-or-8k\/","title":{"rendered":"Bitcoin (BTC) Target Fresh Monthly High or Even $8K"},"content":{"rendered":"
Bitcoin price is trading in a positive zone above $7,400 against the US Dollar. BTC is likely to test the $8,000 resistance as long as it is above the $7,160 swing low.<\/em><\/p>\n In the past few sessions, there was a steady rise in bitcoin<\/a> above the $7,320 resistance against the US Dollar. Moreover, BTC price broke the $7,400 resistance area and settled above the 100 hourly simple moving average.<\/p>\n Finally, the price climbed above the $7,500 area and tested the $7,600 resistance area. A high is formed near $7,585 and the price is currently correcting lower.<\/p>\n It broke the $7,550 level, plus the 50% Fib retracement level of the recent wave from the $7,400 low to $7,585 high. Besides, the price spiked below the $7,500 support area.<\/p>\n However, bitcoin buyers were able to protect any further losses below $7,480. Additionally, the 61.8% Fib retracement level of the recent wave from the $7,400 low to $7,585 high also acted as a decent support.<\/p>\n More importantly, there is a major bullish trend line forming with support near $7,490 on the hourly chart of the BTC\/USD pair. Therefore, a downside break below the trend line support and $7,500 could trigger an extended downside correction<\/a>.<\/p>\n The next major support is near the $7,440 level and the 100 hourly simple moving average. Any further losses will most likely lead the price towards the $7,355 level. It represents the 1.236 Fib extension level of the recent wave from the $7,400 low to $7,585 high.<\/p>\n On the upside, there are a few important resistances near $7,580 and $7,600. A successful close above $7,600 and a follow through above $7,700 is likely to start a strong rally towards the $8,000 resistance zone.<\/p>\nBitcoin Price Analysis<\/h2>\n