Bitcoin price analysis: BTC/USD breaches $8,500: Another bullish flag pattern could test $8,600
|- Bitcoin price breaks above $8,500 to explore new April highs.
- 61.8% Fib to offer short-term support, $8,000 is a major support zone on the downside.
Bitcoin price has just broken above the short-term resistance level at $8,400. Moreover, the upside roll has also broken above $8,500. A continued bullish momentum could test $8,600 as BTC/USD retraces upwards towards the coveted $8,900.
The upside correction was initiated at $8,095 during yesterday’s trading sessions. There was increasing selling pressure at $8,200, but the Bulls held ground and push for further upside movements to explore new April highs.
Technical indicators like the RSI are starting to pull into the overbought levels to signal that BTC/USD could continue to correct higher in the near-term. The 50 SMA has crossed above the 100 SMA which could signal for more buyers to enter the market. There is a short-term support at $8,200; however, BTC/USD will be supported by the 61.8% fib retracement level with the previous swing high of $9,068 and a low of $6,630. Consequently, the pivotal $8,000 on a broader look will strongly support the largest cryptocurrency by market capitalization.
BTC/USD 5-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.