Bitcoin Price (BTC) Primed For Lift-Off Towards $8,800

After bitcoin failed near the $8,500 resistance, there was a downside correction against the US Dollar. The BTC/USD traded below the $8,400 and $8,300 levels. Moreover, there was a break below the $8,200 level. However, the 100 hourly simple moving average acted as a support and a low was formed near $8,175. Recently, the price started a fresh increase and traded above the $8,300 level.

There was a break above the 50% Fib retracement level of the last decline from the $8,536 high to $8,175 low. The price climbed above the $8,350 level and tested the $8,400 resistance. It seems like the 61.8% Fib retracement level of the last decline from the $8,536 high to $8,175 low is currently acting as a resistance.

If there is an upside break above $8,400, the price is likely to retest $8,500. If the bulls manage to surpass the $8,500 barrier, there are chances of more upsides. The next stop for them could be near the $8,800 level. The next key resistance area is near the $9,000 level. On the downside, there is a decent support forming near the $8,250 and $8,200 levels. Moreover, there is a new connecting bullish trend line forming with support near $8,300 on the hourly chart of the BTC/USD pair. If there is another decline, the trend line support or $8,250 might prevent losses. If the bulls fail to protect $8,250 and $8,200, the price may perhaps test the $8,000 support. Any further losses may perhaps push the price back into a bearish zone towards $7,500.