- Bitcoin price gained a strong bullish momentum and broke the key $8,300 resistance against the US Dollar.
- The price surged more than 10% and broke the $8,500 and $8,800 resistance levels.
- There was a break above a major triangle resistance near $8,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair traded close to the $9,000 level and it is currently correcting lower towards key supports.
Bitcoin price rallied significantly after it broke $8,300 against the US Dollar. BTC is currently correcting gains, but it is likely to find support near $8,600 or $8,500.
Bitcoin Price Analysis
After forming a support base above the $7,800 and $7,900 levels, bitcoin price rallied significantly against the US Dollar. The BTC/USD pair surged above key resistance near $8,000 and $8,200 to move into a bullish zone. Moreover, there was a close above the $8,200 resistance and the 100 hourly simple moving average. It opened the doors for more gains above the $8,400 and $8,500 resistance levels.
During the rise, there was a break above a major triangle resistance near $8,020 on the hourly chart of the BTC/USD pair. The pair gained traction and traded towards the $9,000 barrier. A new 2019 high was formed at $8,955 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the upward move from the $7,912 low to $8,955 high. If it extends the correction, it is likely to find a strong support near the $8,600 level. Below $8,600, the main supports are $8,500 and $8,440.