Bitcoin Price Weekly Analysis: BTC/USD Targets $7,300-7,400

Key Points

• Bitcoin price is moving higher nicely and it could soon test the $7.300 level against the US Dollar.
• There is a major bullish trend line formed with support at $7,050 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to climb higher slowly and steadily above the $7,300 level in the near term.

Bitcoin price is gaining strength above the $7,100 level against the US Dollar. BTC/USD buyers are now targeting the $7,300 and $7,400 resistances.

Bitcoin Price Rise

This past week, bitcoin price broke a major resistance zone near the $6,775 level against the US Dollar. The BTC/USD pair traded above the $7,100 level and later corrected lower. The price corrected back towards the broken resistance at $6,775, which acted as a support. Later, there was a fresh upward move and the price traded above the $6,900 and $7,000 level. There was a proper close above the $7,000 level and the price is now well above the 100 simple moving average (4-hours).

During the…