RATE Group | Here’s Why Bitcoin Bulls Aim Larger Rally Above $7K In Near Term
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Here’s Why Bitcoin Bulls Aim Larger Rally Above $7K In Near Term

25 Mar Here’s Why Bitcoin Bulls Aim Larger Rally Above $7K In Near Term

Posted at 06:16h in Bitcoin News by

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Bitcoin is gaining momentum and it is trading above the $6,500 support against the US Dollar. BTC price is likely to continue higher towards $7,000 and $7,200 in the coming sessions.

  • Bitcoin is showing a few positive signs above the $7,500 and $7,400 support levels against the US Dollar.
  • The price could grind higher towards $7,000 or even $7,500 if it clears the $6,800 resistance.
  • There is a major bullish trend line forming with support near $6,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported on the downside near $6,320 and $6,100.

Bitcoin Remains Supported

After a successful break above the $6,500 resistance, bitcoin extended its rise above $6,700 against the US Dollar. BTC price broke the $6,800 resistance and settled above the 100 hourly simple moving average.

A high is formed near $6,880 and the price is currently correcting lower. It tested the 23.6% Fib retracement level of the recent upward move from the $5,752 low to $6,880…

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