Bitcoin Price Analysis – BTC/USD Rebound Back to $8,000, More Upside?

Bitcoin Price Rebound

Bitcoin Price Rebound: This morning, BTC bounced back above $8,000, peaking at $8,582.93. It was able to test a previously established resistance level of $7,200; in fact, this price is very close to BTC’s lowest point today.

More Upside For BTC?

As the chart below shows, BTC is slowly moving back up following almost a month of declines. Earlier today, a major bullish trend was formed around market open and took BTC price to its daily high of $8,582.93.

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The price drop that occurred afterward was small in scale compared with those that occurred over the past few days. Now, BTC is able to hold a support at around $8,000, and another potential bullish line is forming at the time of writing.

Bitcoin Price Rebound

Source: Tradingview

In terms of technicals, although the MACD graph does not show any potential crossovers, there’s no bearish sign in the offing. The 23.6% Fibonacci retracement level is approximately $5,508.47, but we can safely assume that BTC won’t take a dive into that territory.

Investors now need to observe whether BTC can hit $8,300 within the next hours to determine whether this new bullish trend could materialize.

Looking at the Technical Indicators:

  • Volume — volume has been steady, and each spike in volume has resulted in an upward movement in BTC price
  • MACD — no bearish signals sent by the MACD and signal lines
  • New Resistance Level — $8,300
  • New Support Level — $8,000

Featured Image: twitter

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