RATE Group | BTC/USD weekend action brushes shoulders with $7,600
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BTC/USD weekend action brushes shoulders with $7,600

09 Dec BTC/USD weekend action brushes shoulders with $7,600

Posted at 11:01h in Bitcoin News by

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  • Bitcoin held above $7,500 as sideways trading comes into play.
  • A break above $7,600 is needed for Bitcoin bulls to shift focus to $8,000.

Cryptocurrencies stagnated within familiar levels over the weekend. However, Bitcoin action impressively jumped above the resistance levels at $7,400 and $7,500 respectively. The upward leg jumped above $7,600 before forming a high at $7,638.

Meanwhile, a retreat from the recent highs is holding Bitcoin above $7,500. The stability above $7,500 is proving to be viable especially with support from the 100 SMA on the 1-hour chart and the trendline support.

The immediate upside is limited by the 50 SMA while $7,600 is the next hurdle that must come down for BTC to correct towards $8,000. The RSI is lethargic at $50 and the sideways movement suggests that Bitcoin could range above $7,600 a while longer.

BTC/USD 1-hour chart

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