Bitcoin News

Bitcoin Price Analysis: Can BTC/USD Surpass $7300?

bitcoin price chart

Bitcoin price found sellers below $7600 against the US Dollar, and corrected lower. BTC/USD is moving back higher and is attempting an upside break above $7300.

Key Talking Points

  • Bitcoin price is currently recovering from the $6918 low and approaching a major resistance against the US Dollar.
  • There is a key bearish trend line forming with resistance at $7300 on the hourly chart of BTC/USD.
  • The 100 hourly simple moving average is also near $7300 to act as an upside hurdle for buyers.

Bitcoin Price Chart Analysis

There was a steady rise in bitcoin price as it extended gains this past week above the $7500 level to a new all-time high at $7572 (data feed by Kraken) against the US Dollar. Later, the BTC/USD pair started a downside correction and traded below the $7000 handle.

The pair formed a low at $6918 before it started an upside move. Buyers pushed the price above the 38.2% Fibonacci retracement level of the last drop from the $7572 high to $6918 low.

bitcoin price chart

Cryptocurrency charts and prices provided by TradingView

However, there is a key bearish trend line with resistance at $7300 on the hourly chart, which is acting as a barrier for more gains. The 50% Fibonacci retracement level of the last drop from the $7572 high to $6918 low is also at $7249, acting as a resistance.

Moreover, the 100 hourly simple moving average is positioned at $7300 to prevent further gains. This means the $7250-7300 region is a major resistance zone for buyers. Should there be a break above the $7300 level, the price might continue to gain momentum.

The next major hurdle is above $7400 and the 76.4% Fibonacci retracement level of the last drop from the $7572 high to $6918 low. If buyers remain in control and sentiment is intact, bitcoin can even retest $7500 in the near term.

On the other hand, if the price fails to move above the $7300 resistance, there can be a downside reaction back towards the $7000 handle. Therefore, it depends on whether BTC/USD is able to break the $7300 resistance or not.

Trade safe traders and do not overtrade!

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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