RATE Group | Bitcoin is Showing Early Signs of Fresh Rally, But 100 SMA is the Key
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Bitcoin is Showing Early Signs of Fresh Rally, But 100 SMA is the Key

02 Mar Bitcoin is Showing Early Signs of Fresh Rally, But 100 SMA is the Key

Posted at 06:08h in Bitcoin News by

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Bitcoin is likely forming a short term bottom near $8,400 against the US Dollar. However, BTC price must climb above the 100 hourly SMA and $8,800 to start a fresh increase.

  • Bitcoin is currently consolidating above the $8,400 and $8,500 support levels against the US Dollar.
  • The bulls need to gain control above $8,700 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $8,575 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase if it settles above $8,700 and $8,800.

Bitcoin Reaching Key Resistance

This past week, we saw a steady decline below the $9,000 support in bitcoin against the US Dollar. BTC price made a couple of attempts to bounce back, but it failed and settled below the 100 hourly simple moving average.

On the downside, it seems like the price is finding a significant buying interest near the $9,500 and $9,400 levels. The recent low was formed near $8,403 and the price…

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