Another Bullish Run On The Cards?Earlier in the day, BTC/USD reached a high of $8,720 before heading back down to the $8,500 mark. It’s currently on a bullish run after testing a major support of $8,300. A major resistance level has been set at $8,700. However, in the short term, a run up toward $9,000 or any sharp price jump seems unlikely. BTC is still trading above its 20-day moving average, so there’s still a weakness.
Source: TradingviewAs for the technicals, both the MACD and RSI indicators are showing bearish signals. This means the current bull run is likely to fade in the coming hours.
Looking at the Technical Indicators:
- Hourly MACD — Bearish signal
- Hourly RSI — BTC/USD is in a bearish zone
- Major Support Level — $8,300
- Major Resistance Level — $8,700