- Bitcoin price climbed further higher and broke the $5,400 resistance level against the US Dollar.
- The price traded to a new multi-month high at $5,461 before correcting lower sharply.
- This week’s followed important ascending channel was breached with support at $5,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair settled below $5,240 and it may extend the current decline towards $5,070 or $4,960.
Bitcoin price traded to a new yearly high and recently corrected lower against the US Dollar. BTC dipped below the $5,240 support and it could test the $5,000 support before a fresh increase.
Bitcoin Price Analysis
Yesterday, we discussed the chances of a spike above the $5,400 level in bitcoin price against the US Dollar. The BTC/USD pair did move higher, broke the $5,400 level, and traded to a new yearly high. There was even a break above the $5,450 level and a high was formed at $5,461. Later, there was a sharp bearish reaction and the price declined…
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