- Bitcoin price fund a strong support near the $4,920 level and later recovered against the US Dollar.
- The price broke the $5,120 resistance level to move into a positive zone.
- There was a break above a key bearish trend line with resistance at $5,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now trading nicely above the $5,150 level and the 100 hourly simple moving average.
Bitcoin price rebounded nicely above $5,100 against the US Dollar. BTC is currently showing positive signs and a break above $5,200 is likely to accelerate gains above $5,250 in the near term.
Bitcoin Price Analysis
This past week, we saw a major downside correction below $5,200 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $5,000 level and traded as low as $4,920. Later, the price consolidated in a range and formed a decent support above the $4,950 level. Finally, the price started a fresh increase and traded above the $5,040 and $5,120 resistance…
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