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Bitcoin price gains upward momentum against dollar, crosses $8,500 mark

Bhaswati Sarkar
Bhaswati Sarkar
She likes to lose herself in music and daydreams quite often. Travelling excites her and photography is her passion- nature is her favorite subject. Writing is cathartic for her. A happy-go-lucky kind of person, she tries to remain calm and serene through daily life.

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The Bitcoin price has reportedly surpassed the $8,500 mark against the US dollar and seems to be climbing upwards. After the $8,300 resistance was crossed, the Bitcoin-US dollar pair gained momentum and settled above the 100 hourly simple moving average.

This ushered in more gains which in turn raised the price above the $8,400 and $8,500 resistance levels and even crossed the $8,600 level.

Currently, the price of the BTC/USD pair is just below $8,700, even though there was a spike above the $8,700 level and the price reached a summit of a new monthly high at $8,741. This rise from an $8,184 low to an $8,741 high is testing the 23.6% Fib retracement level of this recent increment.

A major bullish trend line seems to be developing with support near $8,500 on the hourly chart of the BTC/USD pair, with the main support being near the $8,460 level. This forming major bullish trend line tallies with the 50% Fib retracement level of the recent rally from the $8,184 low to $8,741 high.

Even with the potential downside in the price of BTC/USD in the short term, the $8,460 level might provide support. Potentially, a downside break below $8,460 would make the price fall to the support area of $8,300, and it is estimated that, in the near term, the main uptrend support is to be near the $8,300 level.

An initial resistance being near the $8,740 and $8,750 levels, a potential upside break above $8,750 would cause the price to leap above the $8,800 resistance area.

Currently, there seems to be a reducing in the bullish slope of the moving average convergence/divergence (MACD) with a few negative signs and the Relative Strength Index (RSI) for the BTC/USD pair currently facing a correction from the overbought zone.


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