{"id":390524,"date":"2019-07-21T04:28:10","date_gmt":"2019-07-21T04:28:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=390524"},"modified":"2024-06-11T12:51:55","modified_gmt":"2024-06-11T12:51:55","slug":"bitcoin-btc-price-weekly-forecast-approaching-next-crucial-break","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-weekly-forecast-approaching-next-crucial-break\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Approaching Next Crucial Break"},"content":{"rendered":"
Bitcoin price is showing positive signs above the $10,250 support against the US Dollar. However, BTC must break the $11,250 resistance zone to continue higher in the near term.<\/em><\/p>\n This past week, bitcoin price extended its decline below the $10,000 support against the US Dollar. The BTC\/USD pair even broke the $9,500 support and settled below the 100 simple moving average (4-hours). Finally, the price traded close to the $9,000 and formed a swing low near $9,100. A support base is formed above $9,200 and the price started an upside correction.<\/p>\n The recent wave was positive as the price broke the $10,000 and $10,250 resistance levels. The price even surpassed the 50% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low. Moreover, there was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC\/USD pair. The price climbed above the $10,800 resistance and even spiked above the $11,000 level<\/a>.<\/p>\n However, the upward move was capped by the $11,250 resistance area and the 100 simple moving average (4-hours). The 76.4% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low also acted as a strong resistance. As a result, the price started a downside correction below the $11,000 level. At the outset, it seems like there is a rising channel forming with support near $10,500.<\/p>\n If there is a downside break below the channel support, the price could decline towards the $10,250 or $10,000 support area. On the upside, the main resistance<\/a> is near the $11,250 level and the 100 simple moving average (4-hours). A successful close above the $11,250 is must for more gains. If not, the price could start a fresh decrease below $10,500.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n