Bitcoin price found support near the $3,325-3,330 support area and later recovered against the US Dollar. BTC/USD may continue to rise towards the $3,553 or $3,700 resistances.
- Bitcoin price corrected lower recently and found support near the $3,330 level.
- BTC/USD broke a crucial bearish trend line with resistance at $3,385 on the 2-hours chart.
- BTC price may continue to climb higher and it may test the $3,700 resistance level.
Bitcoin Price Analysis
Earlier, there was a decent upward move from the $3,225 low in bitcoin price against the US Dollar. BTC/USD climbed above the $3,500 level, but it struggled to trade past the $3,655 level and later declined.
The 2-hours chart indicates that the price formed a high near the $3,655 level and corrected below the 50% Fib retracement level of the last wave from the $3,225 low to $3,655 high. The price even declined below the $3,400 level, but it found support near the $3,327 level.
It seems like the 76.4% Fib retracement level of the last wave from the $3,225 low to $3,655 high acted as a solid support. Later, the price started a fresh upward move and traded above the $3,350 and $3,390 resistance levels.
Buyers gained momentum and the price broke a crucial bearish trend line with resistance at $3,385 on the same chart. It has cleared the path for more gains above the $3,400 level in the near term.
If the recent break is true, the price may continue to grind towards the $3,550 level and the 100 simple moving average (2-hours). Above the $3,550 and $3,553 levels, the price may continue to rise towards the $3,700 resistance zone.
If there is a downside correction, the price may find support near the $3,400-20 zone. However, the main support is near the $3,325 level, below which the price could revisit $3,225 zone.
Overall, bitcoin price is slowly rising and if buyers gain momentum, there could be a decent upward move towards the $3,553 and $3,700 resistance levels in the near term.