MEXCBitcoin Price Analysis: BTC/USD Primed for Further Upsides
Bitcoin price popped higher and broke the $6,880 and $7,020 resistances against the US Dollar. BTC/USD is trading in a bullish zone and it could continue to move higher.
Important points
- Bitcoin surged higher during the past few sessions and settled above the $6,880 barrier.
- BTC/USD surpassed an important symmetric triangle with resistance near $6,720 on the 2-hours chart (as discussed in the previous analysis).
- BTC price is currently consolidating gains above $7,050 and is preparing for the next move.
Bitcoin price analysis
In the last bitcoin price analysis, we discussed that bulls are likely targeting $6,880 and higher against the US Dollar. BTC/USD did move higher and broke a few major resistances near $6,720, $6,880 and $7,020 to move into a bullish zone.
The 2-hours chart of BTC price suggests that there was a picture perfect break above an important symmetric triangle with resistance near $6,720. The price later retested the broken triangle at $6,700 and resumed its upside move.
The price rallied above the $6,880 barrier and even cleared a strong sell zone near $7,000-7,020. A fresh weekly high was established above the $7,130 level before the price started consolidating gains.
There was a short-term decline towards the 23.6% Fibonacci retracement level of the last upward move from the $6,715 low to $7,135 swing high. However, declines were limited as a connecting bullish trend line on the same chart acted as a support near $7,035.
Looking at the chart, it seems like there is a short-term ascending triangle pattern in place with resistance near $7,130-7,140. A successful break above this could open the doors for more gains towards the $7,220 and $7,250 resistances in the near term.
On the flip side, a downside break below $7,050 and $7,035 will most likely push the price below the $7,000 level. The next major support is near the 50% Fibonacci retracement level of the last upward move from the $6,715 low to $7,135 swing high at $6,925.
Overall, the current price action is super bullish and to extend gains bitcoin buyers need to clear the triangle resistance near $7,140.
Also, read: Bitcoin Strikes Deal with Football, eToro & Quantocoin Fostering Crypto’s Global Exposure
- Waller Signals December Fed Rate Cut Despite Powell’s “No More Cuts” Stance
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5K Price Odds to 34%
- Bitwise XRP ETF Moves Closer to Launch as Firm Submits Final S-1 Filing
- MEXC Denies Insolvency Rumors, Faces Record Withdrawals as Users Seek Proof of Solvency
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
