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Bitcoin Price Watch: BTC/USD Buyers In Control, $7,250 Next?

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price surged higher and broke a key resistance near $7,000 against the US Dollar.
  • There is an important short-term bullish trend line formed with support at $7,010 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to extend gains above the recent high of $7,132 and it could test $7,200-7,250 in the near term.

Bitcoin price is trading with a bullish angle above $7,000 against the US Dollar. BTC/USD buyers are in control and they are now aiming a test of the $7,250 resistance.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price could accelerate above the $7,000 resistance against the US Dollar. The BTC/USD pair did gain bullish momentum and succeeded in clearing a strong sell zone near $7,000 level. The price even broke the $7,080 resistance and is currently trading well above the 100 hourly simple moving average. A new weekly high was formed at $7,132 and later the price corrected lower.

It declined below the $7,100 level and tested the 23.6% Fib retracement level of the recent wave from the $6,712 low to $7,132 high. At the moment, the price is holding gains above the $7,000 level. More importantly, there is a crucial short-term bullish trend line formed with support at $7,010 on the hourly chart of the BTC/USD pair. If the price breaks the trend line support, it could extend the current correction towards the $6,920 support. It represents the 50% Fib retracement level of the recent wave from the $6,712 low to $7,132 high. Below this, there is a significant bullish trend line with support at $6,910 on the same chart.

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin is placed nicely in a positive zone above $7,000. Buyers will most likely attempt an upside break above the $7,132 high for a test of the $7,200 and $7,250 resistances.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is well above the 55 level.

Major Support Level – $7,010

Major Resistance Level – $7,200

Tags: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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