Bitcoin price analysis: BTC/USD if not $8,000 this weekend, where to then?

  • Bitcoin settles in a narrow range between $7,800 - $7,700.
  • The formation of a rising wedge pattern hints a breakdown towards $7,000.

The cryptocurrency market is mostly in the red on Saturday. However, Bitcoin bulls are flexing their muscles in readiness for a barrier breaking mission to $8,000. The price is up a subtle 0.14% on the day after correcting from the opening of $7,757 to the current market value of $7,761.

The immediate upside is limited by the resistance at $7,800. Although, Bitcoin hit highs around $7,879 on Friday before retracement kicked in. Bitcoin is also trading in the apex of a rising wedge pattern which hints a breakdown towards $8,000. To avert the impact of the wedge pattern Bitcoin must correct above $8,000.

The Relative Strength Index (RSI) is horizontal above 60, showing a possibly extended sideways trading. The downside is protected by the 50 SMA on the 1-hiur chart at $7,600 and the 100 SMA at $7,400. Other key support levels to keep in mind include $7,200, $7,000, $6,800 and $6,500.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano plan for new all-time high is clear

Cardano has established a new all-time high of $1.55 on April 14 and bulls aim for more now. The digital asset had a significant breakout from a key pattern but still faces a significant resistance barrier ahead, according to on-chain metrics.

More Cardano News

Enjin Coin on track for 20% gains

Enjin Coin price is trading around the middle line of an ascending parallel channel. A bounce from the demand zone ranging from $2.92 to $2.46 signals a continuation of the upswing to $3.59. If ENJ slices through the supply barrier at $3.59, an additional 10% upswing will push it to $3.98.

More Enjin Coin News

VeChain shows mixed signals amid market weakness

VeChain just recently formed a new all-time high of $0.189 on April 15 after a massive rally in April. The digital asset had a brief consolidation period in the last 24 hours but could be aiming for the next leg up soon. 

More VeChain News

Binance on verge of 25% upswing

Binance Coin price has been outperforming the entire market for the past two months, reaching a market capitalization of $90 billion. Many analysts believe BNB could even overtake Ethereum, which stands at a $280 billion market cap. 

More Binance Coin News


Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast