{"id":421877,"date":"2020-04-26T04:38:33","date_gmt":"2020-04-26T04:38:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=421877"},"modified":"2024-06-11T10:38:37","modified_gmt":"2024-06-11T10:38:37","slug":"bitcoin-btc-rally-isnt-over-yet","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-rally-isnt-over-yet\/","title":{"rendered":"Bitcoin Gearing For Lift-Off to $8,000: Rally Isn’t Over Yet"},"content":{"rendered":"
Bitcoin is trading in a bullish zone above the $7,450 and $7,400 support levels against the US Dollar. BTC might dip a few points, but it remains well bid for a rally to $8,000.<\/em><\/p>\n This past week, bitcoin started a strong rise from the $7,028 swing low against the US Dollar. BTC price gained bullish momentum and broke the key $7,200 resistance level.<\/p>\n It opened the doors for a decent increase above the $7,400 resistance<\/a> and the 100 simple moving average (4-hours). The price even climbed above the $7,500 hurdle and traded to a new weekly high at $7,788.<\/p>\n Recently, there was a downside correction below the $7,600 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high.<\/p>\n On the downside, the $7,400 support area is acting as a strong buy zone (the previous breakout zone). The 50% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high is also near $7,408 and acting as a decent support base.<\/p>\n It seems like the price is currently consolidating above the $7,400 support. More importantly, there is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart<\/a> of the BTC\/USD pair.<\/p>\n\n
Bitcoin is Back in Uptrend<\/h2>\n