RATE Group | Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back
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Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back

12 Jan Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back

Posted at 09:04h in Bitcoin News by

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Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. BTC could start another strong uptrend if it settles above $8,200.

  • After a downside correction, bitcoin price found support near $7,700 against the US Dollar.
  • The price is currently rising, but it is facing hurdles near $8,200 on the upside.
  • There is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to rally if it climbs above $8,160 and successfully settles above the $8,200 barrier.

Bitcoin Could Rally Soon

This past week, bitcoin started a downside correction from the $8,473 high against the US Dollar. BTC price declined below the $8,200 and $8,000 support levels.

However, the $7,700 and $7,600 levels acted as a strong support. Moreover, the price stayed well above $8,500 and the 100 simple moving average (4-hours). A swing low is formed near $7,659 and bitcoin price is currently trading…

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