• 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
    • What is Bitcoin?
    • 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
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
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
    • What is Bitcoin?
    • 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
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin (BTC) Price Primed For Gains With Bullish Sentiment On Rise

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
Nexo Logo
Listen to Article
  • Bitcoin price fund a strong support near the $4,920 level and later recovered against the US Dollar.
  • The price broke the $5,120 resistance level to move into a positive zone.
  • There was a break above a key bearish trend line with resistance at $5,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now trading nicely above the $5,150 level and the 100 hourly simple moving average.

Bitcoin price rebounded nicely above $5,100 against the US Dollar. BTC is currently showing positive signs and a break above $5,200 is likely to accelerate gains above $5,250 in the near term.

Bitcoin Price Analysis

This past week, we saw a major downside correction below $5,200 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $5,000 level and traded as low as $4,920. Later, the price consolidated in a range and formed a decent support above the $4,950 level. Finally, the price started a fresh increase and traded above the $5,040 and $5,120 resistance levels. Buyers gained traction and pushed the price above the $5,150 level and the 100 hourly simple moving average.

Besides, the price broke the 23.6% Fib retracement level of the last drop from the $5,464 high to $4,920 low. More importantly, there was a break above a key bearish trend line with resistance at $5,080 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $5,150 level and the 100 hourly simple moving average. It traded close to the $5,200 resistance and the 50% Fib retracement level of the last drop from the $5,464 high to $4,920 low.

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

A break above the $5,200 level is needed for more gains. The next key resistance could be $5,255 and the 61.8% Fib retracement level of the last drop from the $5,464 high to $4,920 low. A successful close above the $5,260 level might open the doors for a strong rise towards the $5,330 level. On the downside, the recent resistance at $5,120 is likely to act a solid support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly climbed into a positive zone above the $5,120 level and the 100 hourly SMA. Dips from the current levels are likely find a strong buying interest above $5,100. On the upside, a break above the $5,200 and $5,260 levels could really boost the market sentiment in favor of buyers in the near term.

Technical indicators:

Hourly MACD – The MACD is currently placed nicely in the bullish zone.

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

Major Support Levels – $5,150 followed by $5,120.

Major Resistance Levels – $5,200, $5,260 and $5,330.

Tags: bitcoinbtc
TweetShare
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

XRP Likely to Plunge towards $0.20 as SEC Woes Rattle Investors

Bitcoin’s Bear Case Suggests Move to $28,000 is a Possibility in the Near-Term

3 hours ago
bitcoin bubble crypto google search altcoin

Could Mt Gox Be The End Of Yet Another Epic Bitcoin Rally?

4 hours ago
Chainlink (LINK)

Charted: Chainlink (LINK) Revisits $18, Why It Could Soon Break $20

16 hours ago
Ethereum

TA: Ethereum Struggles Near $1,250: Why ETH Remains Attractive On Dips

18 hours ago
Bitcoin

TA: Bitcoin Revisits $40K, What Are Chances of BTC Hitting New ATH

20 hours ago
Bitcoin

Bitcoin Just Reached this “Key Zone” — Here’s What Analysts Say Comes Next

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

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
CryptoSlots

CryptoSlots

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

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 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
    • What is Bitcoin?
    • 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
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 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.