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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Price Weekly Analysis – Can BTC/USD Break $8,500?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
bitcoin technical analysis

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price surged higher this past week and broke $7,500 resistance against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $7,600 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading above $8,000 and is facing a monster resistance near the $8,500 level.

Bitcoin price is trading in a bullish zone above $7,500 against the US Dollar. BTC/USD has to move above $8,500 to extend gains in the near term.

Bitcoin Price Trend

This past week, there was a sharp upside move in bitcoin price from the $6,800 swing low against the US Dollar. The price surged higher and broke many resistances on the way up such as $7,000 and $7,500. There was also a break above the 38.2% Fib retracement level of the last decline from the $9,025 swing high to $6,450 swing low, which is a positive sign.

More importantly, there was a break above a key bearish trend line with resistance at $7,600 on the 4-hours chart of the BTC/USD pair. The pair is now trading well above the $7,000 level and the 100 simple moving average (4-hours). Furthermore, the price settled above the 61.8% Fib retracement level of the last decline from the $9,025 swing high to $6,450 swing low. However, it is facing a monster hurdle on the upside near the $8,500 level. It acted as a support earlier and the stated $8,500 will most likely prevent upsides in the near term. If BTC buyers succeed in pushing the price above the $8,500 level, there could be a test of the last swing high near $9,025.

Bitcoin Price Weekly Analysis BTC USD

Looking at the chart above, the pair is positioned nicely above the $7,500 pivot level. It may continue to trade higher if it succeeds in clearing the $8,500 barrier. On the downside, supports are visible near $7,800, $7,600 and $7,500.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is placed nicely with positive signs.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 60 level.

Major Support Level – $7,500

Major Resistance Level – $8,500

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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