RATE Group | Bitcoin Price Watch: Break Above $3,700 Could Push BTC Higher
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Bitcoin Price Watch: Break Above $3,700 Could Push BTC Higher

10 Dec Bitcoin Price Watch: Break Above $3,700 Could Push BTC Higher

Posted at 10:38h in Bitcoin News by

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Key Points

  • Bitcoin price recovered recently and moved above the $3,500 resistance against the US Dollar.
  • There is a key bearish trend line in place with resistance at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price must break the $3,590 and $3,650 resistance levels to gain bullish momentum.

Bitcoin price is facing a solid resistance near $3,600-3,700 against the US Dollar. BTC must move past the $3,700 pivot zone to accelerate gains towards $4,000.

Bitcoin Price Analysis

There was a decent support base formed near the $3,350 level in bitcoin price against the US Dollar. The BTC/USD pair started an upward move and traded above the $3,400 and $3,500 resistance levels. The price even climbed above the 50% Fib retracement level of the last decline from the $3,850 high to $3,207 low. Finally, there was a close above the $3,480 level and the 100 hourly simple moving average.

However, the price faced a solid resistance near the $3,600 and $3,620 levels. More…

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