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Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back

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Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back

Bitcoin price formed a high near $8,348 and recently corrected lower against the US Dollar.The price is currently trading near the $8,120 level and it could test $8,050 or even $8,000.There is a short term contracting triangle forming with resistance near $8,160 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is likely to remain well bid above the $8,050 and $8,000 support levels in the near term.Bitcoin price is slowly declining below $8,200 against the US Dollar. However, BTC is likely to hold the $8,000 support and it could bounce back above $8,200.Bitcoin Price AnalysisYesterday, we saw a Looking at the chart, bitcoin is currently correcting lower below the $8,200 level. However, the $8,050 and $8,000 levels are important supports and the price is likely to bounce back in the near term.Technical indicators:Hourly MACD – The MACD is likely to move back into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is slowly rising towards the 50 level.Major Support Levels – $8,050 followed by $8,000.Major Resistance Levels – $8,160, $8,200 and $8,350.

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Author: Aayush Jindal

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