{"id":407912,"date":"2019-12-19T06:00:42","date_gmt":"2019-12-19T06:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=407912"},"modified":"2024-06-11T12:49:23","modified_gmt":"2024-06-11T12:49:23","slug":"bitcoin-btc-above-7500-would-make-case-for-larger-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/","title":{"rendered":"Bitcoin (BTC) Above $7,500 Would Make Case for Larger Rally"},"content":{"rendered":"<ul>\n<li>Bitcoin price reversed its losses and settled above $7,000 against the US Dollar.<\/li>\n<li>The price rallied close to the $7,500 resistance area, where sellers emerged.<\/li>\n<li>Earlier, there was a break above a key bearish trend line with resistance near $6,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>A correction is underway, but there are many supports near $7,150, $7,000 and $6,950.<\/li>\n<\/ul>\n<p><em>Bitcoin price is up more than 10% and showing signs of a strong reversal against the US Dollar. However, BTC must continue above $7,500 to start a larger rally.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After a steady decline, bitcoin spiked below the $6,600 and $6,500 support levels against the US Dollar. However, losses in BTC were limited below $6,500 (as warned in yesterday\u2019s post &#8211; <a href=\"https:\/\/uniquehot.com\/2019\/12\/18\/bitcoin-btc-bears-remain-in-drivers-seat-but-bulls-not-done-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin (BTC) Bears Remain in Driver\u2019s Seat but Bulls Not Done Yet<\/a>).<\/p>\n<p>A new monthly low was formed near $6,435 before the price started a strong reversal. There was a sharp rally and the price surged above many resistances near $6,800 and $7,000.<\/p>\n<p>Moreover, there was a break above a key bearish trend line with resistance near $6,700 on the hourly chart of the BTC\/USD pair. The pair even settled above $7,000 and the 100 hourly simple moving average.<\/p>\n<p>Finally, it spiked above the $7,200 and $7,300 resistance levels. Bitcoin traded close to the $7,500 level and a new intraday high was formed near $7,487. At the moment, the price is correcting gains below $7,300.<\/p>\n<p>Additionally, there was a break below the 23.6% Fib retracement level of the recent upsurge from the $6,435 low to $7,487 high. On the downside, there are many supports near $7,150, $7,100 and $7,000.<\/p>\n<p>The main support is near the $6,950 level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the recent upsurge from the $6,435 low to $7,487 high is near the $6,960 level.<\/p>\n<p>Therefore, dips remain well supported on the downside near the $7,000 and $6,950 levels. On the upside, the price is <a href=\"https:\/\/uniquehot.com\/2019\/12\/16\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">facing key hurdles<\/a> near $7,400 and $7,500. A successful daily close above $7,500 would make the case for a larger rally towards $8,000 and $8,200.<\/p>\n<figure id=\"attachment_407913\" aria-describedby=\"caption-attachment-407913\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407913\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-16.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407913\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly showing a lot of positive signs above the $7,000 level. In the short term, there could be a downside reaction, but the bulls are likely to protect losses below $6,950.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,100 followed by $7,000.<\/p>\n<p>Major Resistance Levels \u2013 $7,300, $7,400 and $7,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price reversed its losses and settled above $7,000 against the US Dollar. The price rallied close to the $7,500 resistance area, where sellers emerged. Earlier, there was a break above a key bearish trend line with resistance near $6,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). A correction is underway, but there are many supports near $7,150, $7,000 and $6,950. Bitcoin price is up more than 10% and showing signs of a strong reversal against the US Dollar. However, BTC must continue above $7,500 to start a larger rally. Bitcoin Price Analysis After a steady decline, bitcoin spiked below the $6,600 and $6,500 support levels against the US Dollar. However, losses in BTC were limited below $6,500 (as warned in yesterday\u2019s post &#8211; Bitcoin (BTC) Bears Remain in Driver\u2019s Seat but Bulls Not Done Yet). A new monthly low was formed near $6,435 before the price started a strong reversal. There was a sharp rally and the price surged above many resistances near $6,800 and $7,000. Moreover, there was a break above a key bearish trend line with resistance near $6,700 on the hourly chart of the BTC\/USD pair. The pair even settled above $7,000 and the 100 hourly simple moving average. Finally, it spiked above the $7,200 and $7,300 resistance levels. Bitcoin traded close to the $7,500 level and a new intraday high was formed near $7,487. At the moment, the price is correcting gains below $7,300. Additionally, there was a break below the 23.6% Fib retracement level of the recent upsurge from the $6,435 low to $7,487 high. On the downside, there are many supports near $7,150, $7,100 and $7,000. The main support is near the $6,950 level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the recent upsurge from the $6,435 low to $7,487 high is near the $6,960 level. Therefore, dips remain well supported on the downside near the $7,000 and $6,950 levels. On the upside, the price is facing key hurdles near $7,400 and $7,500. A successful daily close above $7,500 would make the case for a larger rally towards $8,000 and $8,200. Looking at the chart, bitcoin price is clearly showing a lot of positive signs above the $7,000 level. In the short term, there could be a downside reaction, but the bulls are likely to protect losses below $6,950. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $7,100 followed by $7,000. Major Resistance Levels \u2013 $7,300, $7,400 and $7,500.<\/p>\n","protected":false},"author":67,"featured_media":382326,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-407912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Above $7,500 Would Make Case for Larger Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price is up more than 10% and showing signs of a strong reversal against the US Dollar. 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However, BTC must continue above $7,500 to start a larger rally.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-19T06:00:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T12:49:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/bitcoin_price_btc_1.jpg?fit=1000%2C667\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twitter.com\/AayushJs\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70\"},\"headline\":\"Bitcoin (BTC) Above $7,500 Would Make Case for Larger Rally\",\"datePublished\":\"2019-12-19T06:00:42+00:00\",\"dateModified\":\"2024-06-11T12:49:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/\"},\"wordCount\":415,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/bitcoin_price_btc_1.jpg?fit=1000%2C667\",\"keywords\":[\"bitcoin\",\"btc\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/\",\"url\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/\",\"name\":\"Bitcoin (BTC) Above $7,500 Would Make Case for Larger Rally\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/bitcoin_price_btc_1.jpg?fit=1000%2C667\",\"datePublished\":\"2019-12-19T06:00:42+00:00\",\"dateModified\":\"2024-06-11T12:49:23+00:00\",\"description\":\"Bitcoin price is up more than 10% and showing signs of a strong reversal against the US Dollar. 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