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Bitcoin Price Analysis: BTC/USD bulls need to hold above $7500 to maintain upside momentum

  • Bitcoin price is trading in negative territory, down 0.50% in the second half of the session. 
  • BTC/USD forced a critical closure above the barrier of $7500. 
  • The bulls will likely be gunning for a wick fill of Thursday’s candle, pressing for $8000. 
Bitcoin Price Analysis: BTC/USD bulls need to hold above $7500 to maintain upside momentum
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price was able to force a critical closure above $7500, which will likely be very encouraging for further buyers. 

BTC/USD 60-minute chart

Price action has formed an m structure, testing the neckline to the downside.

Spot rate:                7450.25

Relative change:     -0.50%

High:                       7609.48

Low:                        7390.53

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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