{"id":421704,"date":"2020-04-24T03:28:30","date_gmt":"2020-04-24T03:28:30","guid":{"rendered":"https:\/\/wncen.com\/?p=421704"},"modified":"2024-06-11T13:47:52","modified_gmt":"2024-06-11T13:47:52","slug":"bitcoin-btc-rally-at-risk-near-8k-100dsma","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-rally-at-risk-near-8k-100dsma\/","title":{"rendered":"Bitcoin Rally At Risk of Screeching Halt at $8K as 100-Day SMA Approaches"},"content":{"rendered":"<p><em>Bitcoin is up more than 5% and it broke the key $7,500 resistance against the US Dollar. BTC is now approaching a major hurdle near $8,000 and the 100-day simple moving average.<\/em><\/p>\n<ul>\n<li>Bitcoin is gaining bullish momentum above $7,000 and $7,200 against the US Dollar.<\/li>\n<li>The price is likely to face a strong resistance near $8,000 and the 100-day simple moving average.<\/li>\n<li>There was a break above a crucial bearish trend line with resistance near $7,040 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could either extend its rally above $8,000 to $9,000 or it might face rejection.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Facing Huge Resistance<\/h2>\n<p>There was a slow and steady recovery in bitcoin from the $3,932 swing low against the US Dollar. <a href=\"https:\/\/wncen.com\/2020\/04\/23\/bitcoin-price-btc-primed-upsurge-to-8000\/\" target=\"_blank\" rel=\"noopener \">BTC price broke many hurdles<\/a> in the past few days and settled above the $6,000 resistance area.<\/p>\n<p>The current upward move gained pace above the $6,500 and $7,000 resistance levels. There was also a break above the 50% Fib retracement level of the key decline from the $10,500 swing high to $3,921 swing low.<\/p>\n<p>More importantly, there was a break above a crucial bearish trend line with resistance near $7,040 on the daily <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair. The pair is now trading above the key $7,200 and $7,500 resistance levels.<\/p>\n<figure id=\"attachment_421705\" aria-describedby=\"caption-attachment-421705\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-421705\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-20.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-421705\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>On the upside, there is a significant resistance waiting near the $8,000 level. The 100-day simple moving average is close to the $8,000 level to act as a resistance. The 61.8% Fib retracement level of the key decline from the $10,500 swing high to $3,921 swing low is also near $7,989.<\/p>\n<p>A successful daily close above the $8,000 resistance and the 100-day SMA could open the doors for a larger rally. In the mentioned case, the price is likely to rise towards the $8,950 and $9,000 levels.<\/p>\n<h2>Fresh Decline?<\/h2>\n<p>If bitcoin price fails to continue above the $8,000 resistance or the 100-day SMA, it could start a fresh decline. An initial support on the downside is near the $7,200 level (the recent breakout zone).<\/p>\n<p>A bearish break below the $7,200 support might lead the price towards the $6,800 support. Any further losses could initiate a drop towards the <a href=\"https:\/\/wncen.com\/2020\/04\/22\/bitcoin-btc-poised-for-short-term-sell\/\" target=\"_blank\" rel=\"noopener \">$6,200 support area<\/a> in the coming days.<\/p>\n<p>Technical indicators:<\/p>\n<p>Daily MACD \u2013 The MACD is currently gaining momentum in the bullish zone.<\/p>\n<p>Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,200 followed by $6,200.<\/p>\n<p>Major Resistance Levels \u2013 $8,000, $8,400 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is up more than 5% and it broke the key $7,500 resistance against the US Dollar. BTC is now approaching a major hurdle near $8,000 and the 100-day simple moving average. Bitcoin is gaining bullish momentum above $7,000 and $7,200 against the US Dollar. The price is likely to face a strong resistance near $8,000 and the 100-day simple moving average. There was a break above a crucial bearish trend line with resistance near $7,040 on the daily chart of the BTC\/USD pair (data feed from Kraken). The pair could either extend its rally above $8,000 to $9,000 or it might face rejection. Bitcoin Price is Facing Huge Resistance There was a slow and steady recovery in bitcoin from the $3,932 swing low against the US Dollar. BTC price broke many hurdles in the past few days and settled above the $6,000 resistance area. The current upward move gained pace above the $6,500 and $7,000 resistance levels. There was also a break above the 50% Fib retracement level of the key decline from the $10,500 swing high to $3,921 swing low. More importantly, there was a break above a crucial bearish trend line with resistance near $7,040 on the daily chart of the BTC\/USD pair. The pair is now trading above the key $7,200 and $7,500 resistance levels. On the upside, there is a significant resistance waiting near the $8,000 level. The 100-day simple moving average is close to the $8,000 level to act as a resistance. The 61.8% Fib retracement level of the key decline from the $10,500 swing high to $3,921 swing low is also near $7,989. A successful daily close above the $8,000 resistance and the 100-day SMA could open the doors for a larger rally. In the mentioned case, the price is likely to rise towards the $8,950 and $9,000 levels. Fresh Decline? If bitcoin price fails to continue above the $8,000 resistance or the 100-day SMA, it could start a fresh decline. An initial support on the downside is near the $7,200 level (the recent breakout zone). A bearish break below the $7,200 support might lead the price towards the $6,800 support. Any further losses could initiate a drop towards the $6,200 support area in the coming days. Technical indicators: Daily MACD \u2013 The MACD is currently gaining momentum in the bullish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $7,200 followed by $6,200. Major Resistance Levels \u2013 $8,000, $8,400 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":421706,"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-421704","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 Rally At Risk of Screeching Halt at $8K as 100-Day SMA Approaches<\/title>\n<meta name=\"description\" content=\"Bitcoin is up more than 5% and it broke the key $7,500 resistance. 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