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{"id":421957,"date":"2020-04-27T03:28:40","date_gmt":"2020-04-27T03:28:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=421957"},"modified":"2024-06-11T13:47:59","modified_gmt":"2024-06-11T13:47:59","slug":"bitcoin-btc-losing-bullish-momentum-8k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-losing-bullish-momentum-8k\/","title":{"rendered":"Bitcoin Is Losing Bullish Momentum: Technicals Show A Correction At $8K"},"content":{"rendered":"

Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term.<\/em><\/p>\n

\n
Bitcoin is showing signs of exhaustion above $7,500 and $7,600 against the US Dollar.<\/li>\n
The bears are likely to put a strong fight near the $8,000 resistance area.<\/li>\n
There is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could spike towards the $8,000 resistance, where the bulls are likely to face many hurdles.<\/li>\n<\/ul>\n
Bitcoin Approaching Key Resistance<\/h2>\n
In the past few sessions, bitcoin remained well bid above the $7,400 and $7,420 levels against the US Dollar. BTC price corrected a few points below the $7,555 support, but dips were limited.<\/p>\n
A low was formed near $7,484 and the price started a fresh increase. It climbed above the $7,555 level and the bulls were able to push the price above the key $7,600 resistance<\/a>.<\/p>\n
A new weekly high is formed near $7,792 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently consolidating gains above $7,700. It tested the 23.6% Fib retracement level of the recent rise from the $7,484 low to $7,792 high.<\/p>\n
On the downside, an initial support is seen near the $7,635 level. It is close to the 50% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. More importantly, there is a key bullish trend line forming with support near $7,600 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin-Price\"$ <\/a>
Bitcoin<\/figcaption><\/figure>\n
It seems like the pair might correct a few points towards the previous resistance (now support) at $7,600. As long as the price is above the $7,600 support, it could grind higher towards the main $8,000 resistance area.<\/p>\n
$8,000 as a Key Hurdle<\/h2>\n
As discussed in one of the previous analyses using the daily chart of bitcoin<\/a>, the $8,000 level is a major hurdle for the bulls in the near term.<\/p>\n
There are high chances of a strong bearish reaction near the $8,000 level. If the bulls remain in action and push the price above $8,000, the price could continue higher towards $8,800 or $9,000.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level.<\/p>\n
Major Support Levels \u2013 $7,600 followed by $7,500.<\/p>\n
Major Resistance Levels \u2013 $7,800, $8,000 and $8,080.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term. Bitcoin is showing signs of exhaustion above $7,500 and $7,600 against the US Dollar. The bears are likely to put a strong fight near the $8,000 resistance area. There is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could spike towards the $8,000 resistance, where the bulls are likely to face many hurdles. Bitcoin Approaching Key Resistance In the past few sessions, bitcoin remained well bid above the $7,400 and $7,420 levels against the US Dollar. BTC price corrected a few points below the $7,555 support, but dips were limited. A low was formed near $7,484 and the price started a fresh increase. It climbed above the $7,555 level and the bulls were able to push the price above the key $7,600 resistance. A new weekly high is formed near $7,792 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently consolidating gains above $7,700. It tested the 23.6% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. On the downside, an initial support is seen near the $7,635 level. It is close to the 50% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. More importantly, there is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC\/USD pair. It seems like the pair might correct a few points towards the previous resistance (now support) at $7,600. As long as the price is above the $7,600 support, it could grind higher towards the main $8,000 resistance area. $8,000 as a Key Hurdle As discussed in one of the previous analyses using the daily chart of bitcoin, the $8,000 level is a major hurdle for the bulls in the near term. There are high chances of a strong bearish reaction near the $8,000 level. If the bulls remain in action and push the price above $8,000, the price could continue higher towards $8,800 or $9,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level. Major Support Levels \u2013 $7,600 followed by $7,500. Major Resistance Levels \u2013 $7,800, $8,000 and $8,080.<\/p>\n","protected":false},"author":67,"featured_media":421959,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144],"class_list":["post-421957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Is Losing Bullish Momentum: Technicals Show A Correction At $8K<\/title>\n<meta name=\"description\" content=\"Bitcoin is up 2% and it broke the $7,600 resistance area. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Is Losing Bullish Momentum: Technicals Show A Correction At $8K","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-losing-bullish-momentum-8k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-losing-bullish-momentum-8k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/04\/pan-xiaozhen-F08fd8NFbhk-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/04\/pan-xiaozhen-F08fd8NFbhk-unsplash.jpg?fit=1920%2C1280"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd"],"dateCreated":"2020-04-27T03:28:40Z","datePublished":"2020-04-27T03:28:40Z","dateModified":"2024-06-11T13:47:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Is Losing Bullish Momentum: Technicals Show A Correction At $8K\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-losing-bullish-momentum-8k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-losing-bullish-momentum-8k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/pan-xiaozhen-F08fd8NFbhk-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/pan-xiaozhen-F08fd8NFbhk-unsplash.jpg?fit=1920%2C1280\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\"],\"dateCreated\":\"2020-04-27T03:28:40Z\",\"datePublished\":\"2020-04-27T03:28:40Z\",\"dateModified\":\"2024-06-11T13:47:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/04\/pan-xiaozhen-F08fd8NFbhk-unsplash.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/421957"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=421957"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/421957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/421959"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=421957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=421957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=421957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}