Bitcoin Price Analysis: BTC/USD bounces off $7,400 support, recovery eyes $8,200
- Bitcoin defends $7,400 support leading to an ongoing recovery targeting 7,500 and $8,200 respectively.
- Bitcoin bulls seem to have woken up during the Asian session of Friday pushing the price 0.8% higher.
Bitcoin price action has been caught up in a series of lock-step movements in the last two days. This caused a delay in the recovery expected to hit levels above $8,000 before the start of December.
An impressive move upwards staged on Wednesday pulled Bitcoin significantly from $6,750 support to levels close to $7,700. However, the seller congestion zone at the 61.8% Fibo from the last swing high of $8,244 to a swing low of $6,534 became impenetrable. Correction from the Fibo resistance has taken advantage of the buyer congestion at the 50% Fibonacci level to push Bitcoin 0.8% higher on Friday.
The RSI is pulling towards the average as Bitcoin inches towards $7,500. A break above the 61.8% Fibo resistance could give BTC a kick towards $8,000. Meanwhile, the bulls have eyes on $8,200 ahead of the weekend trading.
BTC/USD 1-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
