{"id":380081,"date":"2019-04-29T06:30:05","date_gmt":"2019-04-29T06:30:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=380081"},"modified":"2024-06-11T12:50:29","modified_gmt":"2024-06-11T12:50:29","slug":"bitcoin-btc-price-near-crucial-juncture-2","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-near-crucial-juncture-2\/","title":{"rendered":"Bitcoin (BTC) Price Near Crucial Juncture: Can Bulls Gain Traction?"},"content":{"rendered":"
Bitcoin price is facing a significant resistance against the US Dollar. BTC is likely to climb sharply if it settles above $5,250 and the 100 hourly simple moving average.<\/em><\/p>\n This past week, there was a sharp drop<\/a> in bitcoin price below the $5,200 support against the US Dollar. The BTC\/USD pair even spiked below the $5,000 support level and formed a swing low above $4,900. Later, the price started a slow and steady recovery above the $5,000 and $5,050 resistance levels. The bulls even pushed the price above the $5,100 resistance and the 23.6% Fib retracement level of the last slide from the $5,509 high to $4,905 low.<\/p>\n It opened the doors for more gains above the $5,150 level, but the price struggled to clear the $5,200 and $5,220 resistance levels<\/a>. It seems like the 50% Fib retracement level of the last slide from the $5,509 high to $4,905 low is acting as a hurdle. Besides, the 100 hourly simple moving average is also acting as a key resistance near $5,220. More importantly, there is a major bearish trend line forming with resistance near $5,230 on the hourly chart of the BTC\/USD pair.<\/p>\n Therefore, the price must break the $5,220 resistance, the trend line, and the 100 hourly SMA. A successful close above $5,250 is likely to start a decent upward move towards the $5,300 level. The next major resistance for the bulls is near the $5,380 level. On the other hand, if there is no upside break, the price may decline below $5,150. An initial support is near the $5,100 level, below which the next stop could be $5,050.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n