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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin (BTC) Above $7,500 Would Make Case for Larger Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
bitcoin price rockets higher btc

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  • Bitcoin price reversed its losses and settled above $7,000 against the US Dollar.
  • The price rallied close to the $7,500 resistance area, where sellers emerged.
  • Earlier, there was a break above a key bearish trend line with resistance near $6,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A correction is underway, but there are many supports near $7,150, $7,000 and $6,950.

Bitcoin price is up more than 10% and showing signs of a strong reversal against the US Dollar. However, BTC must continue above $7,500 to start a larger rally.

Bitcoin Price Analysis

After a steady decline, bitcoin spiked below the $6,600 and $6,500 support levels against the US Dollar. However, losses in BTC were limited below $6,500 (as warned in yesterday’s post – Bitcoin (BTC) Bears Remain in Driver’s Seat but Bulls Not Done Yet).

A new monthly low was formed near $6,435 before the price started a strong reversal. There was a sharp rally and the price surged above many resistances near $6,800 and $7,000.

Moreover, there was a break above a key bearish trend line with resistance near $6,700 on the hourly chart of the BTC/USD pair. The pair even settled above $7,000 and the 100 hourly simple moving average.

Finally, it spiked above the $7,200 and $7,300 resistance levels. Bitcoin traded close to the $7,500 level and a new intraday high was formed near $7,487. At the moment, the price is correcting gains below $7,300.

Additionally, there was a break below the 23.6% Fib retracement level of the recent upsurge from the $6,435 low to $7,487 high. On the downside, there are many supports near $7,150, $7,100 and $7,000.

The main support is near the $6,950 level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the recent upsurge from the $6,435 low to $7,487 high is near the $6,960 level.

Therefore, dips remain well supported on the downside near the $7,000 and $6,950 levels. On the upside, the price is facing key hurdles near $7,400 and $7,500. A successful daily close above $7,500 would make the case for a larger rally towards $8,000 and $8,200.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly showing a lot of positive signs above the $7,000 level. In the short term, there could be a downside reaction, but the bulls are likely to protect losses below $6,950.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $7,100 followed by $7,000.

Major Resistance Levels – $7,300, $7,400 and $7,500.

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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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