RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Poised To Test $7,000
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Bitcoin Price Weekly Analysis: BTC/USD Poised To Test $7,000

26 Aug Bitcoin Price Weekly Analysis: BTC/USD Poised To Test $7,000

Posted at 11:31h in Bitcoin News by

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Key Points

  • Bitcoin price gained traction recently and moved above the $6,550 resistance against the US Dollar.
  • There is a crucial bullish trend line in place with support at $6,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair might dip a few points, but it remains supported above the $6,650 and $6,550 levels.

Bitcoin price is positioned nicely in a bullish zone above $6,550 against the US Dollar. BTC/USD is likely to trade towards the $6,900 and $7,000 levels in the near term.

Bitcoin Price Trend

This past week, there was a solid support formed near the $6,220 level in bitcoin price against the US Dollar. The BTC/USD pair started an upside move and traded above the $6,420 and $6,550 resistance levels. There was also a close above the $6,550 level and the 100 simple moving average (4-hours). The price climbed above the $6,650 level and is currently trading in a bullish zone.

It traded close to the $6,800 level and was seen struggling near the $6,780-6,800…

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