RATE Group | This Key Sign Shows Bitcoin Bulls Are Accumulating: Important Levels to Watch
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This Key Sign Shows Bitcoin Bulls Are Accumulating: Important Levels to Watch

13 Jan This Key Sign Shows Bitcoin Bulls Are Accumulating: Important Levels to Watch

Posted at 06:28h in Bitcoin News by

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Bitcoin price is confined in a range below the key $8,200 resistance against the US Dollar, suggesting a short term accumulation phase. BTC could either rally above $8,200 or it might dip to $7,700 before a decent bounce.

  • Bitcoin is moving in a range between $8,200 and $8,000 against the US Dollar.
  • The bulls are likely aiming an upside break above the $8,200 resistance area.
  • There is a key bearish trend line forming with resistance near $8,170 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rally if there is a clear break above $8,200 and $8,250 in the next 2-3 sessions.

Bitcoin Eyes Upside Break

Despite all hurdles, bitcoin bullish were able to push the price above the $8,000 level against the US Dollar. BTC price even settled above the 100 hourly simple moving average, but it is struggling to clear the $8,200 resistance.

Looking at the chart below, the price climbed nicely from the $7,668 swing low. It broke the $8,100 resistance and the 100 hourly simple…

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