• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin (BTC) Price Gaining Momentum: Break Above $8,500 Likely

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
  • Bitcoin price extended gains recently and broke the $8,100 and $8,200 resistances against the US Dollar.
  • The price seems to be setting up for more gains above the $8,300 resistance area.
  • There is a crucial bullish trend line forming with support near $8,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is placed nicely above the $8,100 pivot level and it seems like there could be more upsides.

Bitcoin price traded to a new weekly high above $8,300 against the US Dollar. BTC is showing a lot of positive signs and it could even rally towards the $8,500 resistance area.

Bitcoin Price Analysis

In the past few sessions, there was a steady rise in bitcoin price above the $8,000 barrier against the US Dollar. The BTC/USD pair gained bullish momentum above $8,150 and even broke the $8,200 level. Recently, the price broke the last swing high and traded above the $8,300 level. A new weekly high was formed at $8,344 before the price started a downside correction.

Still, the price is trading well above the $8,000 level and the 100 hourly simple moving average. It corrected below the $8,250 level and the 23.6% Fib retracement level of the recent leg from the $8,006 low to $8,344 high. However, the recent decline is finding bids near the $8,175 level. It represents the 50% Fib retracement level of the recent leg from the $8,006 low to $8,344 high.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the downside, there are many supports near the $8,175 and $8,150 levels. Moreover, there is a crucial bullish trend line forming with support near $8,140 on the hourly chart of the BTC/USD pair. The trend line support coincides with the 61.8% Fib retracement level of the recent leg from the $8,006 low to $8,344 high.

Therefore, as long as the price is above the $8,140 level, it is likely to continue higher. On the upside, an initial resistance is near the $8,300 level, followed by the $8,344 high. If there is an upside break above $8,344, the price is likely to climb higher towards the $8,500 resistance area.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading in a positive zone above the $8,150 and $8,100 support levels. The main support is near $8,000, below which the price may perhaps move into a bearish zone. The current price action is positive, suggesting an upside break above the $8,300 and $8,350 levels in the near term.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher towards 60 and 65.

Major Support Levels – $8,150 followed by $8,100.

Major Resistance Levels – $8,300, $8,350 and $8,500.

Tags: bitcoinbtc
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Uniswap’s UNI

Charted: Uniswap’s UNI Enters Top 10, Why It Could Soon Test $42

9 hours ago
Ethereum

TA: Ethereum Rallies Above $1,700, Why ETH Could Soon Test $1,800

11 hours ago
Bitcoin

TA: Bitcoin Turns Attractive Above $50K, Why BTC Extend Its Rally

12 hours ago
Ethereum

Ethereum Climbs above $1,600, Why ETH Could Soon Test $1,720

1 day ago
Bitcoin Price

Why Bitcoin Price Could Start Strong Increase Above $50K

1 day ago
bitcoin dominance btc.d altcoins liftoff

Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Router Protocol and Polygon Partners With DFyn to Launch L2 GalaxyFarm

March 8, 2021

Get the Latest Crypto News, Trends and Insights at Interactivecrypto

March 8, 2021

Connect Financial to List CNFI Tokens with BitMax

March 8, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.