{"id":421286,"date":"2020-04-20T03:28:18","date_gmt":"2020-04-20T03:28:18","guid":{"rendered":"https:\/\/wncen.com\/?p=421286"},"modified":"2024-06-11T13:47:41","modified_gmt":"2024-06-11T13:47:41","slug":"bitcoin-btc-gearing-lift-off-to-8k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-gearing-lift-off-to-8k\/","title":{"rendered":"Bitcoin is Consolidating Above 100 SMA and Likely Gearing For Lift-off To $8K"},"content":{"rendered":"<p><em>Bitcoin gained traction and settled above the $7,000 resistance against the US Dollar. BTC price is consolidating gains above the 100 hourly SMA and likely to grind higher towards $7,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is rising steadily and it is positioned nicely above $7,000 against the US Dollar.<\/li>\n<li>There is a strong support base forming near the $7,050 and $7,000 levels.<\/li>\n<li>There is a major bullish trend line forming with support near $7,100 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 as long as it is above the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Turns Green<\/h2>\n<p>After a successful break above the $6,800 resistance, bitcoin price <a href=\"https:\/\/wncen.com\/2020\/04\/19\/bitcoin-btc-bulls-aim-big-8200\/\" target=\"_blank\" rel=\"noopener \">gained bullish momentum<\/a> against the US Dollar. BTC extended its rise above the $7,000 resistance and the 100 hourly simple moving average.<\/p>\n<p>It even surpassed the $7,200 resistance and traded as high as $7,302 before starting a downside correction. The bears were able to push the price below the $7,100 level, but the bulls were able to protect the $7,050 region.<\/p>\n<p>Bitcoin formed a low at $7,066 and remained stable above the 100 hourly simple moving average. It seems like there is a strong support base forming near the $7,050 level. Moreover, there is a major bullish trend line forming with support near $7,100 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_421287\" aria-describedby=\"caption-attachment-421287\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-421287\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-16.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-421287\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The price is currently rising and trading near the 50% Fib retracement level of the recent decline from the $7,302 high to $7,066 low. An immediate resistance on the upside is near the $7,215 and $7,220 levels.<\/p>\n<p>The first key hurdle is near the $7,250 level or the 76.4% Fib retracement level of the recent decline from the $7,302 high to $7,066 low. A successful break above the $7,250 level could open the doors for more upsides towards the $7,300 and $7,400 levels. The next major resistance is near the $7,500 level.<\/p>\n<h2>Key Breakdown Zone<\/h2>\n<p>On the downside, there is a major support near the $7,050 level and the <a href=\"https:\/\/wncen.com\/2020\/04\/17\/bitcoin-btc-larger-downtrend-below-100-day-sma\/\" target=\"_blank\" rel=\"noopener \">100 hourly SMA<\/a>. If bitcoin fails to stay above the $7,050 and $7,000 support levels, it could start a fresh decline.<\/p>\n<p>A successful close below the $7,000 support level might lead the price towards the $6,800 support area in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,050 followed by $7,000.<\/p>\n<p>Major Resistance Levels \u2013 $7,250, $7,300 and $7,500.<\/p>\n<p><em>Image from unsplash<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin gained traction and settled above the $7,000 resistance against the US Dollar. BTC price is consolidating gains above the 100 hourly SMA and likely to grind higher towards $7,500. Bitcoin is rising steadily and it is positioned nicely above $7,000 against the US Dollar. There is a strong support base forming near the $7,050 and $7,000 levels. There is a major bullish trend line forming with support near $7,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue higher towards $7,500 as long as it is above the 100 hourly SMA. Bitcoin Turns Green After a successful break above the $6,800 resistance, bitcoin price gained bullish momentum against the US Dollar. BTC extended its rise above the $7,000 resistance and the 100 hourly simple moving average. It even surpassed the $7,200 resistance and traded as high as $7,302 before starting a downside correction. The bears were able to push the price below the $7,100 level, but the bulls were able to protect the $7,050 region. Bitcoin formed a low at $7,066 and remained stable above the 100 hourly simple moving average. It seems like there is a strong support base forming near the $7,050 level. Moreover, there is a major bullish trend line forming with support near $7,100 on the hourly chart of the BTC\/USD pair. The price is currently rising and trading near the 50% Fib retracement level of the recent decline from the $7,302 high to $7,066 low. An immediate resistance on the upside is near the $7,215 and $7,220 levels. The first key hurdle is near the $7,250 level or the 76.4% Fib retracement level of the recent decline from the $7,302 high to $7,066 low. A successful break above the $7,250 level could open the doors for more upsides towards the $7,300 and $7,400 levels. The next major resistance is near the $7,500 level. Key Breakdown Zone On the downside, there is a major support near the $7,050 level and the 100 hourly SMA. If bitcoin fails to stay above the $7,050 and $7,000 support levels, it could start a fresh decline. A successful close below the $7,000 support level might lead the price towards the $6,800 support area in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level. Major Support Levels \u2013 $7,050 followed by $7,000. Major Resistance Levels \u2013 $7,250, $7,300 and $7,500. Image from unsplash<\/p>\n","protected":false},"author":67,"featured_media":421288,"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":[428,1144],"class_list":["post-421286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin is Consolidating Above 100 SMA and Likely Gearing For Lift-off To $8K<\/title>\n<meta name=\"description\" content=\"Bitcoin gained traction and settled above the $7,000 resistance. 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