{"id":377715,"date":"2019-04-09T06:30:16","date_gmt":"2019-04-09T06:30:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=377715"},"modified":"2024-06-11T12:50:45","modified_gmt":"2024-06-11T12:50:45","slug":"bitcoin-btc-price-primed-for-gains-until-bears-break-5000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-primed-for-gains-until-bears-break-5000\/","title":{"rendered":"Bitcoin (BTC) Price Primed for Gains Until Bears Break $5,000"},"content":{"rendered":"
Bitcoin price is currently correcting lower below $5,251 against the US Dollar. BTC could test the $5,050-5,070 support before it bounces back towards the $5,300 and $5,360 levels.<\/em><\/p>\n Recently, there was a slow and steady rise<\/a> towards the $5,300 resistance in bitcoin price against the US Dollar. The BTC\/USD pair broke the $5,250 resistance area, but it failed to surpass the $5,300 resistance. Earlier, the price traded as high as $5,359 and later corrected below the $5,250 level. There was a break below the 23.6% Fib retracement level of the last leg from the $4,900 swing low to $5,360 swing high. The price even traded below the $5,200 level and tested the $5,130 level.<\/p>\n The 50% Fib retracement level of the last leg from the $4,900 swing low to $5,360 swing high acted as a strong support. There was a fresh increase<\/a> above $5,250, but the price topped near $5,300. It is currently moving lower towards a connecting bullish trend line with support at $5,150 on the hourly chart of the BTC\/USD pair. Below the trend line, the 100 hourly simple moving average is positioned at $5,100. More importantly, there is a crucial ascending channel forming with support at $5,075 on the same chart.<\/p>\n In the short term, there could be a downside spike towards the $5,100 or $5,075 support levels. However, buyers are likely to protect more losses below the channel support and $5,050. On the upside, an initial resistance is near the $5,250 level. The next key resistance is at $5,300, above which the price could revisit the $5,360 resistance.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n