{"id":385930,"date":"2019-06-13T06:00:57","date_gmt":"2019-06-13T06:00:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=385930"},"modified":"2024-06-11T12:50:46","modified_gmt":"2024-06-11T12:50:46","slug":"bitcoin-btc-price-primed-for-more-gains","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-primed-for-more-gains\/","title":{"rendered":"Bitcoin (BTC) Price Smashes Resistance: Primed For More Gains"},"content":{"rendered":"
Bitcoin price started a strong rise after it broke the $8,000 barrier against the US Dollar. BTC is back in a positive zone and it might continue to rise towards the $8,400 level.<\/em><\/p>\n Recently, bitcoin price formed a support base<\/a> above the $7,700 level against the US Dollar. The BTC\/USD pair started a steady rise and broke the $7,800 and $7,850 resistance levels. As a result, the bulls gained strength above the $7,900 level and the 100 hourly simple moving average. It opened the doors for more gains above the main $7,950 and $8,000 resistance levels.<\/p>\n The price even surpassed yesterday\u2019s breakout pattern with resistance near $7,950 on the hourly chart. The bulls managed to push the price to a new weekly high<\/a> above the $8,100 level. Finally, there was a break above the $8,200 level and a new swing high was formed near $8,284.<\/p>\n Recently, bitcoin price started a downside correction below $8,200. It broke the 23.6% Fib retracement level of the recent wave from the $7,902 swing low to $8,284 high. On the downside, there are many supports near the $8,100 and $8,080 levels. Moreover, there is another major breakout pattern forming with resistance near $8,200 on the hourly chart of the BTC\/USD pair.<\/p>\n The 50% Fib retracement level of the recent wave from the $7,902 swing low to $8,284 high is also near the $8,090 level to act as a support. \u00a0It seems like there could be a downside spike towards the $8,080 or $8,050 support levels before the price starts a fresh increase. On the upside, a break above the $8,200 level could open the doors for more gains in the near term.<\/p>\nBitcoin Price Analysis<\/h2>\n