Bitcoin Price Weekly Analysis –BTC/USD Surges To Test Resistance

Key Points

  • Bitcoin price blasted higher recently against the US Dollar, but traded right at a major resistance area.
  • There is a crucial connecting resistance trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which acted as a barrier or the buyers.
  • The price is currently showing a lot of positive signs, and people may now look to buy BTC.

Bitcoin price jumped higher during the past few sessions versus the US Dollar, and also showing a lot of bullish signs on the 4-hours chart.

Bitcoin Price Upside Hurdle

Bitcoin price after trading in a range for quite some time against the US Dollar found buyers and started to move higher. There was a nice upside thrust, which took the price towards the $600 level. The buyers even managed to break the stated level to set a new high of $610. However, the upside was stalled near a major resistance zone, which may play a crucial role moving ahead.

At $610, there is a connecting resistance trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. And, the 1.618 extension of the last drop from the $592 high to $561 low is also around it. So, there is a major technical resistance formed near $610. This is the reason why, the BTC bulls were seen struggling near the stated resistance level.

Bitcoin Price Weekly AnalysisBitcoin Price Weekly Analysis

So, there is a chance that the BTC/USD pair may correct a few points lower in the short term. However, the price remains in an uptrend, and any major correction can be seen as a buying opportunity.

Looking at the technical indicators:

4-hours MACD – The MACD is strongly placed in the bullish zone, which is a very good sign for the BTC buyers.

4-hours RSI (Relative Strength Index) – The RSI is around the overbought levels, which may ignite a minor correction.

Major Support Level – $590

Major Resistance Level – $610


Charts courtesy – SimpleFX

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