As we are continuing to watch closely what happens with the BTC price, in today’s bitcoin news we can see that there was a correction in the price after forming a Doji candlestick and it managed to endure the correction session.
The BTC/Dollar rate yesterday extended its momentum and increased by about 8 percent over 24 hours. Later in the day, the pair established another intra-day high reaching $3,927-fiat. The pair surpassed their support level at $3,400 but there are still some resistance levels to be surpassed in order to expect a dream bull run.
During the US session, the pair was slightly dragged down and the performance of the US Dollar was closely observed. The USD also dropped slightly due to the slow pace of interest rate hikes.
However, the BTC/USD pair is going upwards inside a bear flag while showing potential for a bigger breakout. There are two trend possibilities that can happen. The first one is a reversal trend that could lead the pair test support somewhere near the 100-period moving average or even form a bottom at $3,127-fiat. The second is an extended upwards motion towards $4,414-fiat.
The new support level for the pair is $3,751-fiat and the resistance level at $3,927-fiat. If a selling action happens at this point, the pair could test the $3,751-fiat as potential support. If the price, however, bounces back, then the potential support level will stay at $3,927-fiat.
The price of bitcoin is currently at $4,083 at the time of writing and we can expect new resistance levels as well.
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