{"id":421957,"date":"2020-04-27T03:28:40","date_gmt":"2020-04-27T03:28:40","guid":{"rendered":"https:\/\/wncen.com\/?p=421957"},"modified":"2024-06-11T13:47:59","modified_gmt":"2024-06-11T13:47:59","slug":"bitcoin-btc-losing-bullish-momentum-8k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-losing-bullish-momentum-8k\/","title":{"rendered":"Bitcoin Is Losing Bullish Momentum: Technicals Show A Correction At $8K"},"content":{"rendered":"<p><em>Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is showing signs of exhaustion above $7,500 and $7,600 against the US Dollar.<\/li>\n<li>The bears are likely to put a strong fight near the $8,000 resistance area.<\/li>\n<li>There is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could spike towards the $8,000 resistance, where the bulls are likely to face many hurdles.<\/li>\n<\/ul>\n<h2>Bitcoin Approaching Key Resistance<\/h2>\n<p>In the past few sessions, bitcoin remained well bid above the $7,400 and $7,420 levels against the US Dollar. BTC price corrected a few points below the $7,555 support, but dips were limited.<\/p>\n<p>A low was formed near $7,484 and the price started a fresh increase. It climbed above the $7,555 level and the bulls were able to push the price above the <a href=\"https:\/\/wncen.com\/2020\/04\/26\/bitcoin-btc-rally-isnt-over-yet\/\" target=\"_blank\" rel=\"noopener \">key $7,600 resistance<\/a>.<\/p>\n<p>A new weekly high is formed near $7,792 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently consolidating gains above $7,700. It tested the 23.6% Fib retracement level of the recent rise from the $7,484 low to $7,792 high.<\/p>\n<p>On the downside, an initial support is seen near the $7,635 level. It is close to the 50% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. More importantly, there is a key bullish trend line forming with support near $7,600 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_421958\" aria-describedby=\"caption-attachment-421958\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-421958\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?resize=1828%2C868\" alt=\"Bitcoin-Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-22.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-421958\" class=\"wp-caption-text\">Bitcoin<\/figcaption><\/figure>\n<p>It seems like the pair might correct a few points towards the previous resistance (now support) at $7,600. As long as the price is above the $7,600 support, it could grind higher towards the main $8,000 resistance area.<\/p>\n<h2>$8,000 as a Key Hurdle<\/h2>\n<p>As discussed in <a href=\"https:\/\/wncen.com\/2020\/04\/24\/bitcoin-btc-rally-at-risk-near-8k-100dsma\/\" target=\"_blank\" rel=\"noopener \">one of the previous analyses using the daily chart of bitcoin<\/a>, the $8,000 level is a major hurdle for the bulls in the near term.<\/p>\n<p>There are high chances of a strong bearish reaction near the $8,000 level. If the bulls remain in action and push the price above $8,000, the price could continue higher towards $8,800 or $9,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level.<\/p>\n<p>Major Support Levels \u2013 $7,600 followed by $7,500.<\/p>\n<p>Major Resistance Levels \u2013 $7,800, $8,000 and $8,080.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term. Bitcoin is showing signs of exhaustion above $7,500 and $7,600 against the US Dollar. The bears are likely to put a strong fight near the $8,000 resistance area. There is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could spike towards the $8,000 resistance, where the bulls are likely to face many hurdles. Bitcoin Approaching Key Resistance In the past few sessions, bitcoin remained well bid above the $7,400 and $7,420 levels against the US Dollar. BTC price corrected a few points below the $7,555 support, but dips were limited. A low was formed near $7,484 and the price started a fresh increase. It climbed above the $7,555 level and the bulls were able to push the price above the key $7,600 resistance. A new weekly high is formed near $7,792 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently consolidating gains above $7,700. It tested the 23.6% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. On the downside, an initial support is seen near the $7,635 level. It is close to the 50% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. More importantly, there is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC\/USD pair. It seems like the pair might correct a few points towards the previous resistance (now support) at $7,600. As long as the price is above the $7,600 support, it could grind higher towards the main $8,000 resistance area. $8,000 as a Key Hurdle As discussed in one of the previous analyses using the daily chart of bitcoin, the $8,000 level is a major hurdle for the bulls in the near term. There are high chances of a strong bearish reaction near the $8,000 level. If the bulls remain in action and push the price above $8,000, the price could continue higher towards $8,800 or $9,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level. Major Support Levels \u2013 $7,600 followed by $7,500. Major Resistance Levels \u2013 $7,800, $8,000 and $8,080.<\/p>\n","protected":false},"author":67,"featured_media":421959,"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-421957","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 Losing Bullish Momentum: Technicals Show A Correction At $8K<\/title>\n<meta name=\"description\" content=\"Bitcoin is up 2% and it broke the $7,600 resistance area. 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