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Bitcoin (BTC) Price Weekly Forecast: $8,300 Holds Key For Fresh Increase

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Bitcoin (BTC) Price Weekly Forecast: $8,300 Holds Key For Fresh Increase

After a sharp increase, bitcoin price corrected lower sharply below $8,500 against the US Dollar.The price is currently consolidating above the key $8,300 support area.There was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The price must stay above the $8,300 and $8,250 support levels to start a fresh increase in the near term.Bitcoin price is struggling to hold gains above $8,300 against the US Dollar. BTC needs to surpass the $8,500 and $8,550 resistance levels to continue higher.Bitcoin Price Weekly Analysis (BTC)This past week, BTC gained strong bullish momentum above the $8,300 and $8,350 resistances against the US Dollar. The BTC/USD pair climbed more than 5% and broke the $8,500 and $8,700 resistance levels. Moreover, there was a close above $8,500 and the 100 simple moving average (4-hours). A new monthly high was formed near the $8,934 level and later the price started a Looking at the chart, bitcoin price is currently consolidating above the key $8,300 support area. As long as there is no daily close below $8,300, there are high chances of a fresh increase above the $8,500 resistance area in the near term.Technical indicators4 hours MACD – The MACD for BTC/USD is likely to move back into the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a positive angle.Major Support Level – $8,300Major Resistance Level – $8,500

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Author: Aayush Jindal

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