Bitcoin Price Analysis: Fresh BTC Rally to Start after Downward Correction
Bitcoin price against the US Dollar is likely to witness a fresh rally soon. However, analysts believe that there could be a downside correction first before moving upwards. BTC price against the US Dollar moved to a high at US$3,750. However, a major bearish trend line can be seen on the BTC/USD pair’s hourly chart with resistance at US$3,640. Bitcoin price analysis shows that the price is likely to witness a downward correction towards the support levels at US$3,550 and US$3,500. A fresh rally will start after bouncing back from those support levels.
Reports say that
Bitcoin Price Analysis: What’s the Crypto Market is Up To?
- At the end of last week (especially on Friday), the Bitcoin price witnessed a significant upward movement above the US$3,500. Bitcoin price successfully moved above the crucial resistance levels at US$3,600 and US$3,650. This led to the formation of a new yearly high at US$3,745. In fact, the BTC price against the US Dollar went on to settle above the 100 hourly SMA.
- In the last 24-hour time span, the Bitcoin price saw lots of volatility. At one point in time, it touched a high at US$3,750. However, this level couldn’t be sustained. A downside correction followed and the BTC price went below the US$3,700 and US$3,650 levels. In fact, a break below the 23.6% Fibonacci retracement level (of the last price movement from the low at US$3,341 to a high at US$3,745) was witnessed.
Currently, strong support can be seen at the US$3,580 level. In case of a downward break below this support will lead to testing the support level at US$3,550. The US$3,550 level coincides with the 50% Fibonacci retracement level of the last price movement from the low at US$3,341 to a high at US$3,745. Another strong support level is located at US$3,525, which is the 100 hourly SMA. A fresh upward rally of Bitcoin price is likely after bouncing back from the US$3,525-3,550 region.
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