Bitcoin Price Surges 10% to Key Resistance Level as Bulls Target $7,400

Less than 24-hours ago Bitcoin (BTC) price dropped to a two week low at $6,468, inciting calls for a revisit to the sub-$6K zone but the digital asset deftly shook off the bears by reversing course to rally to $7,190. At the time of writing the Bitcoin trades slightly above $7,100. As one would expect, altcoins followed the drop in Bitcoin price but as it recovered a number of top altcoins also bounced strongly. Ether (ETH) managed a 17.77% gain, while Binance Coin (BNB), and Chainlink (LINK) surged by 11.65% and 15.02% respectively.

Bitcoin’s 10% surge pushed the price above the 50-MA which had been serving as resistance for the past 9 days and a close above this level is crucial or the price can slip back below $6,900 to return to the range of the previous week. Previous analysis focused on the need for Bitcoin to flip $6,900 to support and also the importance of clearing the resistance cluster (pink) from $6,886-$7,250. Today’s move to $7,190 has ticked one of the two boxes but at the time of writing the price is still touseling with the 50% Fibonacci retracement at $7,136. Read More...

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