Bitcoin price analysis: BTC/USD retracement above $7,300 is inevitable
- Bitcoin price is stable above the 50SMA, the trendline and $7,200 levels.
- The uptrend is capped at $7,300 but $7,350 is in sight.
Bitcoin is trading above the 50SMA (hourly chart) and has maintained trading above the support at $7,200 as discussed in yesterday’s analysis. In fact, there was a break above $7,300 in the evening (GMT) session. BTC/USD retraced steps above $7,320 but about-turned reaching highs of $7,322.
Bitcoin is a $125 billion coin and is currently exchanging hands at $7,287 following a 0.37% rise on a daily basis. Its trading volume is at $3.9 billion, which is a slight reduction from $4 billion recorded yesterday. The crypto is still taking up more than half of the market total capitalization with 53.0% dominance according to CoinMarketCap.
In the meantime, BTC/USD is currently taking another swing on the immediate resistance at $7,300. The ultimate intraday resistance is at $7,350 but a break above this level could test $7,400. The path of least resistance at the moment is upwards sideways, besides both the RSI and the stochastic are ranging at 53% and 55% respectively.
The 50SMA is providing support at $7,265.00. Moreover, $7,250 and $7,200 are vital support areas. A couple of more support areas are present at $7,000 and $6,800 (August 18).
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
