Bitcoin Price Analysis: BTC/USD weekend action brushes shoulders with $7,600
|- Bitcoin held above $7,500 as sideways trading comes into play.
- A break above $7,600 is needed for Bitcoin bulls to shift focus to $8,000.
Cryptocurrencies stagnated within familiar levels over the weekend. However, Bitcoin action impressively jumped above the resistance levels at $7,400 and $7,500 respectively. The upward leg jumped above $7,600 before forming a high at $7,638.
Meanwhile, a retreat from the recent highs is holding Bitcoin above $7,500. The stability above $7,500 is proving to be viable especially with support from the 100 SMA on the 1-hour chart and the trendline support.
The immediate upside is limited by the 50 SMA while $7,600 is the next hurdle that must come down for BTC to correct towards $8,000. The RSI is lethargic at $50 and the sideways movement suggests that Bitcoin could range above $7,600 a while longer.
BTC/USD 1-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.