The Bitcoin (BTC) price has been a major topic as featured on many best cryptocurrency news sites, especially because of its recent correction as well as its slight upswing over the past couple of days.
Even though BTC managed to climb further above $5,300, it later on corrected to $5,250 which is its current price agains the US dollar. There was a break below the ascending channel and the Bitcoin (BTC) price found support at $5,250 on the hourly chart. The pair is still trading nicely.
It all began yesterday when we saw a steady rise above $5,260 and $5,280 for Bitcoin, where a new weekly high was formed at $5,327 before the price started its downside correction. There was also a break below the $5,260 support and the 23.6% Fibonacci retracement level showed a wave from the $5,018 low to the $5,237 high.
Since the Fib wave is high, the Bitcoin (BTC) price remains well supported above the $5,170 and $5,180 levels right now. Only a close below this level and the 100 hourly simple moving average could right now start a major decline in the near term.
According to prominent analysts, the latest cryptocurrency news estimate a solid support for Bitcoin with a possible price increase over the next few days. Looking at the chart, the Bitcoin (BTC) price is clearly well supported which means that it is very likely for it to bounce back above $5,300 in the next few hours.
Conversely, a close below the $5,160 support level may also trigger a drop to $5,090 or even $5,020.
Technical indicators:
- Hourly MACD – The MACD is most likely moving back in the bullish zone in the near term.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has changed hands with 40 and it is currently moving higher towards 50.
- Major Support Levels – clearly the Bitcoin (BTC) price of $5,200 was followed by $5,160.
- Major Resistance Levels – now, they are set at $5,260, $5,300 and $5,330.
Over the past couple of days, there were many reports and an analyst showing his opinion that the next bull run may be a several magnitudes bigger. However, these are only speculations from pro-Bitcoin analysts. The current indicators are as above mentioned.
The big question is…Will we see a Bitcoin (BTC) price breakout soon?
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