{"id":420261,"date":"2020-04-08T05:18:42","date_gmt":"2020-04-08T05:18:42","guid":{"rendered":"https:\/\/wncen.com\/?p=420261"},"modified":"2024-06-11T12:20:07","modified_gmt":"2024-06-11T12:20:07","slug":"bitcoin-price-btc-reversed-8k-likely-target","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-reversed-8k-likely-target\/","title":{"rendered":"Why Bitcoin Price Abruptly Reversed From a Plunge to $7,000"},"content":{"rendered":"<p><em>Bitcoin started a downside correction from the $7,447 monthly high against the US Dollar. BTC price tested the key $7,000-$7,100 demand zone and recently revered losses.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to extend gains above $7,500 and corrected lower against the US Dollar.<\/li>\n<li>The bulls protected the $7,000 support area, resulting in a fresh increase.<\/li>\n<li>There is a major bullish trend line forming with support near $7,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to continue higher towards $7,500 and $7,800 in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Remains in the Green Zone<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2020\/04\/07\/bitcoin-btc-bulls-aim-100-sma-8k\/\" target=\"_blank\" rel=\"noopener \">strong rally in bitcoin<\/a> above the $7,000 and $7,200 resistance levels against the US Dollar. BTC even broke the $7,400 level, but it struggled to extend gains above $7,500.<\/p>\n<p>A new monthly high was formed near $7,447 and the price corrected lower. There was a break below the $7,200 support area. However, the bulls were able to protect the $7,000-$7,100 demand zone and the price remained stable above the <a href=\"https:\/\/wncen.com\/2020\/04\/06\/bitcoin-hesitates-break-above-7k-looming\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>Bitcoin just reversed and it is now trading above the $7,200 level. There was a clear break above the 50% Fib retracement level of the recent decline from the $7,447 high to $7,085 low.<\/p>\n<p>It is testing the $7,350 area or the 76.4% Fib retracement level of the recent decline from the $7,447 high to $7,085 low. More importantly, there is a major bullish trend line forming with support near $7,200 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_420262\" aria-describedby=\"caption-attachment-420262\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-420262\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-6.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-420262\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>If there is a clear break above the $7,400 level, the price is likely to surpass the $7,447 high. An immediate resistance is near the $7,500 level, above which the gates are likely to open for a push towards the $7,800 and $8,000 resistance levels.<\/p>\n<h2>Dips Remain Supported<\/h2>\n<p>On the downside, there are many supports, starting with $7,200. Bitcoin price is likely to remain well bid above $7,200 and $7,100 in the near term.<\/p>\n<p>The main support is now forming near the $7,080 level, below which the bears are likely to aim a test of the $7,000 support and the 100 hourly SMA. Any further losses might lead the price towards the $6,900 breakout zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is back above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,200 followed by $7,100.<\/p>\n<p>Major Resistance Levels \u2013 $7,400, $7,500 and $7,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a downside correction from the $7,447 monthly high against the US Dollar. BTC price tested the key $7,000-$7,100 demand zone and recently revered losses. Bitcoin failed to extend gains above $7,500 and corrected lower against the US Dollar. The bulls protected the $7,000 support area, resulting in a fresh increase. There is a major bullish trend line forming with support near $7,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue higher towards $7,500 and $7,800 in the near term. Bitcoin Remains in the Green Zone Yesterday, we saw a strong rally in bitcoin above the $7,000 and $7,200 resistance levels against the US Dollar. BTC even broke the $7,400 level, but it struggled to extend gains above $7,500. A new monthly high was formed near $7,447 and the price corrected lower. There was a break below the $7,200 support area. However, the bulls were able to protect the $7,000-$7,100 demand zone and the price remained stable above the 100 hourly simple moving average. Bitcoin just reversed and it is now trading above the $7,200 level. There was a clear break above the 50% Fib retracement level of the recent decline from the $7,447 high to $7,085 low. It is testing the $7,350 area or the 76.4% Fib retracement level of the recent decline from the $7,447 high to $7,085 low. More importantly, there is a major bullish trend line forming with support near $7,200 on the hourly chart of the BTC\/USD pair. If there is a clear break above the $7,400 level, the price is likely to surpass the $7,447 high. An immediate resistance is near the $7,500 level, above which the gates are likely to open for a push towards the $7,800 and $8,000 resistance levels. Dips Remain Supported On the downside, there are many supports, starting with $7,200. Bitcoin price is likely to remain well bid above $7,200 and $7,100 in the near term. The main support is now forming near the $7,080 level, below which the bears are likely to aim a test of the $7,000 support and the 100 hourly SMA. Any further losses might lead the price towards the $6,900 breakout zone. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is back above the 50 level. Major Support Levels \u2013 $7,200 followed by $7,100. Major Resistance Levels \u2013 $7,400, $7,500 and $7,800.<\/p>\n","protected":false},"author":67,"featured_media":420263,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144],"class_list":["post-420261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why Bitcoin Price Abruptly Reversed From a Plunge to $7,000<\/title>\n<meta name=\"description\" content=\"Bitcoin started a downside correction from the $7,447 monthly high. 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