Bitcoin Price Weekly Analysis: Can BTC/USD Break Higher?

Key Points

• Bitcoin price is placed nicely above the $7,200 level with positive signs against the US Dollar.
• There is a key bearish trend line in place with resistance at $7,750 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair must accelerate gains above the $7,750 and $7,800 barriers for more upsides in the near term.

Bitcoin price is moving in a bullish zone above $7,200 against the US Dollar. BTC/USD may perhaps clear the $7,800 resistance to jump above $8,000 in the near term.

Bitcoin Price Resistance

This past week, bitcoin price mostly traded in a range above the $7,000 handle against the US Dollar. The best part was the fact that the price stayed above the $7,200 and $7,400 support levels. There was also a break and close above the 23.6% Fib retracement level of the last drop from the $8,613 high to $7,050 swing low. There are positive signs, but there is a crucial barrier around the $7,800 level.

However, the upside move is capped by the $7,780 and $7,800…