Bitcoin Price Analysis: Will The Bounce At $8,100 Catapult BTC Above $8,400?


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Bitcoin Price Analysis: Will The Bounce At $8,100 Catapult BTC Above $8,400?

  • Bitcoin recovery stalls short of $8,400 amid a generally dull market.
  • Declines towards $8,000 will find buyers around $8,100 ready to pull it above $8,400.

Bitcoin is range-bound after the recovery stage from the support at $7,800 fizzled out around $8,400. This left the critical level at $8,400 untested. BTC immediate lower correction found support at $8,150. The high congestion of buyers above $8,000 saw another shallow recovery but the price is lethargically range-bound between $$8,350 and $8,150.

At the time of writing, Bitcoin is trading at $8,289 amid an improving technical picture. The trading volume is also in green and expanding. Resurfacing above $8,300 will encourage the buyers to increase their entries. However, the most important move is to come out of the narrow range and reclaim the position above $8,400.

BTC/USD 4-hour chart

The four-hour chart shows the Moving Average Convergence Divergence (MACD) in the positive region. The bullish cross clearly displays a bullish picture and the fact that the buyers are gaining traction. As long as the indicator stays in the positive region, BTC/USD action towards $8,400 is bound to continue.

BTC/USD 60’ chart

BTC/USD price char
BTC/USD price chart by Tradingview

According to the one-hour chart, Bitcoin is approaching a buy zone. The downside is protected by the former channel resistance which has been turned into a viable support area. In the event, Bitcoin dives back under $8,200, the congestion of buyers within the range at $8,100 and $8,200 will easily force another reversal towards $8,400.

BTC/USD price chart
BTC/USD price chart by Tradingview

Bitcoin Key Technical Indicators

Spot rate: $8,263

Relative change: 50

Open:$8,211

High: $8,314

Low: $8,175

Trend: Bullish

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 713 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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