Bitcoin Price Analysis: BTC/USD may hit $8,000 soon if SMA50 daily gives way

Bitcoin came close to the next important resistance created by SMA50 daily.
The coin needs to stay above $7,000 to retain bullish bias.

Tanya Abrosimova Independent Analyst

BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility. BTC/USD has gained nearly 5% since this time on Monday as the cryptocurrency market is on the recovery path.

BTC/USD: Technical picture

On the intraday charts, BTC/USD has settled well above a critical barrier created by a psychological $7,000. This line, reinforced by SMA50 1-hour, now serves as a strong support that is likely to stop the short-term downside correction and trigger a new buying wave. However, if it is broken, the sell-off is likely to gain traction with the next focus on $6,900 (SMA100 1-hour) and $6,670 (SMA200 1-hour).

BTC/USD 1-hour chart

On the upside, the initial resistance is created by SMA50 daily located on the approach to $7,500. A sustainable move above this barrier is needed for the recovery will gain traction. The upside momentum may take the price towards psychological $8,000 followed by SMA100 daily at $8,150

BTC/USD daily chart

Author

Tanya Abrosimova

Independent Analyst

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