Bitcoin (BTC) Price Analysis: BTC Bulls Regains Momentum After Breaching $8000

 

Following the latest bullish swing, Bitcoin has again turned away from the $7700 short-term support and now roaming around the $8200. The yesterday’s bullish break gave the buyers another buying opportunity to $8600 which may occur in the next couple of hours if the buyers continue to show strong commitment. Meanwhile, Bitcoin is relying on $8000 support at the moment.

Bitcoin (BTC) Price Analysis: 4H Chart – Neutral

Key resistance levels: $8453, $8650
Key support levels: $8000, $7733

Bitcoin is still moving sideways on the 4-hour time frame but has seen a sharp rebound at the channel’s support at $7800. Considering the past weeks of range-bound movement, Bitcoin’s price is expected to oscillate to $8400 and $8600 resistance shortly before signalling next move. Bitcoin is indecisive at the moment. If a retracement move occurs, the price is likely to test the $8000 support before continuing an upswing.

BTCUSD, 4H Chart – October 21

Meanwhile, the bulls have been defending the $7700 support over the weeks as break-down could lead the market to serious bearish action. The crypto trading signals that the bulls are in play on the RSI indicator. While in the bearish zone, the MACD is still following a sideways move which shows that the price is currently stable.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Yesterday, Bitcoin’s price broke the diagonal resistance line (yellow) after witnessing a sudden price increase to $8300 before rejection to $8200 – where the market is now consolidating at. Bitcoin is expected to retest the $8100 support zone (marked white) before bouncing higher. Otherwise, we should expect another spike to $8300 and $8500 resistance zones.

BTCUSD-Hourly-Chart-October-21

Despite waiting for the next move, Bitcoin is showing strength at the moment. As we can see, the hourly MACD indicator has crossed to the positive zone – showing the bulls are in action. Similarly, the crypto trading signals a downward move on the RSI indicator to reflect a price pull in the market. We can expect more buying pressure if the RSI 50 can function as support. Bitcoin may slip to $8000 if the price drops beneath the $8100 support.

PENDING BUY ORDER

Buy Entry: $8122
TP: $8600
SL: $7900

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$10 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
Share with other traders!