- Bitcoin price corrected lower recently and tested the $4,900 support area against the US Dollar.
- The price is currently recovering and it may continue to climb towards $5,340 and $5,500.
- There is a key bullish trend line in place with support at $5,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair remains in a strong uptrend and it is likely to accelerate above the $5,350 resistance level.
Bitcoin price likely completed a downside correction near $4,900 against the US Dollar. BTC is currently moving higher and it may surge above the $5,340 and $5,450 resistance levels.
Bitcoin Price Analysis
This past week, there was a downside correction in bitcoin price below the $5,340 support against the US Dollar. The BTC/USD pair even broke the $5,200 support and the 55 simple moving average (4-hours). Finally, there was a break below the $5,000 level and the price traded as low as $4,899. Later, the price consolidated losses above $4,900 and recently climbed…
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