Bitcoin analysis: BTC/USD breaks above $8,500 as upside gains are capped below $8,600
|- Bitcoin is trading in a ranging channel; the bulls hold ground above $8,000.
- In case of declines, Bitcoin price will find support close to $8,200 level.
Bitcoin price has strengthened its position above $8,000. The price is currently trading in a ranging channel on Tuesday with the upside gains capped below $8,600 while the lows are protected at $8,362.
The cryptocurrency market has been in a recoil recovery after a strenuous couple of weeks. The message from Mark Carney, on the position of G20 on cryptocurrency, gave the digital assets the much-anticipated push. The group of countries has decided not impose regulations on the cryptos because they do not pose any financial risks.
Bitcoin price position is firming in a raging channel between the levels mentioned above. The bulls have been pushing the price up, but the upside movement has been protected and capped short of $8,600. The 50-simple moving average is acting as a support trendline on the 15 minutes chart at $8,485. The longer-term 100-simple moving average is narrowing upwards towards the 50 trendlines. This shows that the price will continue to consolidate above $8,500. The immediate support level is at $8,362. In the meantime, this level will prevent any further declines that could occur. However, if the bears increase their influence, Bitcoin price will find support close to $8,200 level.
BTC price intraday chart
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