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Bitcoin (BTC) Price Trading Sideways: Bulls Eyeing Fresh Increase
Bitcoin price failed to gain momentum above $8,150 and $8,200 against the US Dollar.The price is slowly moving lower in a range and it could test the $7,700 or $7,660 support.This week’s followed key bullish trend line was breached with support near $7,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair may continue to trade in a range before a fresh increase above the $8,000 and $8,150 levels.Bitcoin price is struggling to climb further higher within range against the US Dollar. BTC might decline in the short term before a fresh rise above the $8,200 resistance.Bitcoin Price AnalysisIn the past few sessions, there were Looking at the chart, bitcoin price seems to be trading in a broad range above the $7,600 pivot level. In the short term, there could be range moves, but the price is likely to grind higher towards the $8,000 and $8,200 levels in the coming sessions. The key resistances are $8,280 and $8,300, above which the price might surge towards the $8,500 resistance level.Technical indicators:Hourly MACD – The MACD is slowly moving into the bearish zone, with a few negative signs.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a bearish angle.Major Support Levels – $7,800 followed by $7,660.Major Resistance Levels – $8,000, $8,120 and $8,200.
Author: Aayush Jindal
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