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 below, the price climbed nicely from the $7,668 swing low. It broke the $8,100 resistance and the 100 hourly simple moving average. A high was formed near $8,319 before the price started consolidating in a range.On the upside, a clear break above the $8,200 resistance could trigger a nice rally. The next key hurdle is near the $8,460, above which the bulls are likely to aim a break of $8,500.