Bitcoin Bulls Aim Big After Recent Surge Above $8,500
- Bitcoin price is currently rising and showing positive signs above $8,500 against the US Dollar.
- The bulls seem to be in control above the $8,400 and $8,500 support levels.
- There was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate towards $9,200 if it clears the $8,800 resistance area.
Bitcoin Price Is Rising Again
In yesterday’s weekly analysis using the daily chart, we discussed the importance of the $8,200 and $8,000 support levels for bitcoin. It seems like the $8,200 level played well, resulting in a fresh upward move in BTC price above the $8,400 resistance.
A decent support base is formed near the $8,280 level and the price is now trading well above the 100 hourly simple moving average. It surpassed the 50% Fib retracement level of the last major decline from the $8,793 high to $8,214 low.
Moreover, there was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $8,500 and $8,600 resistance levels.
An immediate resistance is near the $8,660 level. Besides, the 76.4% Fib retracement level of the last major decline from the $8,793 high to $8,214 low is near the $8,660 area.
A successful break above the $8,660 resistance could initiate a solid upward move above the $8,800 resistance area. In the mentioned case, bitcoin is likely to grind higher towards the $9,200 resistance. The last line of defense for the bears may perhaps be near the $9,500 level.
BTC Might Present Buying Opportunity
If BTC price corrects lower from the $8,660 resistance, it could find support near the $8,600 level. The main support is now near the $8,500 level (the recent breakout zone).
Any further losses might lead bitcoin price towards the $8,400 support or the 100 hourly simple moving average. The overall price action is positive and it seems like BTC could continue to rise towards the $8,800 and $9,200 resistance levels in the near term.