RATE Group | Bitcoin Price Weekly Analysis: BTC/USD’s Next Target $8,500
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Bitcoin Price Weekly Analysis: BTC/USD’s Next Target $8,500

22 Jul Bitcoin Price Weekly Analysis: BTC/USD’s Next Target $8,500

Posted at 08:13h in Bitcoin News by

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Key Points

  • Bitcoin price gained momentum and settled above $7,200 against the US Dollar.
  • There is a major bullish trend line forming with support at $7,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to make the next move either above $7,600 or below $7,240 in the near term.

Bitcoin price is placed nicely in an uptrend above $7,000 against the US Dollar. BTC/USD is eyeing the next break either above $7,600 or below $7,240.

Bitcoin Price Range Pattern

This past week, there was a major upside move above the $6,800 resistance in bitcoin price against the US Dollar. The BTC/USD pair jumped above the $7,000 and $7,200 resistance levels to gain traction. It even spiked above the $7,500 resistance and traded as high as $7,672. Later, the price started trading in a range below the $7,650 resistance area and is currently preparing for the next move.

The price recently tested the 23.6% Fib retracement level of the last wave from the $6,079 low to $7,672…

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