Bitcoin Price Analysis – BTC/USD breaks through $8,500, Further Gains Ahead?

Bitcoin Price Analysis

This morning, BTC price broke through the $8,500 barrier and hit a high of $8,621.28. Currently, it is trading at around $8,158.85 as of 12:30 PM EST.

Further Gains Ahead?

As mentioned in our analysis yesterday,  a resistance level was established for BTC at $8,300. This was tested earlier today, and a couple of bullish trend lines were formed leading up to BTC’s peak for the day.

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This means that the market for BTC has mostly stabilized, especially in light of news that European banks could start holding the leading cryptocurrency shortly. Also, reports were coming out today quoting cryptocurrency billionaire Cameron Winklevoss, who described Bitcoin as “better than gold” and claimed that “there’s a potential appreciation of 30 to 40 times.”

Bitcoin Price Analysis
Source: Tradingview

Given today’s price action, BTC could see further gains in the coming hours. Things are pointing up for BTC at the moment, as both MACD and RSI indicators are sending bullish signals.

A new support is set in the range of $8,150 to $8,200, and the candlesticks are showing a bullish pattern should this support hold. Also, a new resistance range that needs to be tested is from $8,300 to $8,350.

Looking at the Technical Indicators:

  • MACD — the MACD line has just crossed over the signal line, showing a bullish trend
  • RSI — the RSI score is below 50, so further gains are expected
  • Short-term Support Level — $8,150 to $8,200
  • Short-term Resistance Level — $8,300 to $8,350

Featured Image: Twitter

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