RATE Group | Bitcoin Price Watch: BTC/USD Hits $8,500, Eyes Correction
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Bitcoin Price Watch: BTC/USD Hits $8,500, Eyes Correction

25 Jul Bitcoin Price Watch: BTC/USD Hits $8,500, Eyes Correction

Posted at 10:32h in Bitcoin News by

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Key Points

  • Bitcoin price extended gains and traded close to the $8,500 target against the US Dollar.
  • There is a short-term ascending channel in place with support at $8,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains in an uptrend, but it could correct a few points towards $8,200 in the near term.

Bitcoin price climbed further towards $8,500 against the US Dollar. BTC/USD remains supported on dips near the $8,300 and $8,200 levels.

Bitcoin Price Analysis

This week, we discussed about Bitcoin price trading higher towards the $8,500 level against the US Dollar. The BTC/USD pair climbed higher and broke the $8,000 and $8,200 resistance levels. It even traded close to the $8,500 target and formed a high near $8,489. At the moment, the price is trading in a range below the $8,500 level with consolidation signs.

It seems like there is a short-term ascending channel in place with support at $8,300 on the hourly chart of the BTC/USD pair. The channel support…

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