- Bitcoin price continued to move higher and settled above the $700 mark against the US dollar.
- Many traders are in disbelief that the price surged this high in a short span of time.
- I think BTC/USD is due for a correction now looking at the weekly chart (data feed from Bitstamp).
Bitcoin price surge was amazing, but BTC/USD is reaching a point where the bulls need to be very careful moving ahead.
Bitcoin Price Resistance
Bitcoin price this past week traded above the $750 mark against the US Dollar, and was simply unstoppable. The last 4 weekly candles on the weekly chart of BTC/USD (data feed from Bitstamp) tells the complete story. However, at the same time if we look at the history, there were no such back to back candles. So, BTC may find it very hard to continue trading higher.
The price is currently testing the 61.8% Fib retracement level of the last drop from the $1153 high to $145 low, which is acting as a resistance for more gains. No doubt, it is a technical level and if it continues to act as a resistance, the price might move down.