Bitcoin Price Analysis: BTC Surprises with 10% Hike Overnight

Bitcoin (BTC) News
  • Bitcoin has managed to get a hype of 10% over the last 24 hours
  • BTC faces rejection above $7452 but manages to stay above $7400
  • If the current momentum continues, the coin may reach close to $8k

BTC/USD Forecast

Bitcoin (BTC) Price News

Yesterday, Bitcoin started the day at $6779.75, and in the next 7 hours, the currency was up by 4.67% and touched $7096.36. After breaching $7k level, BTC faced a moderate fall, and the price touched $6996, but from this price point, the coin registered another hike that added 4.65% value and pushed the Bitcoin price to $7321.93 by 19:47 UTC.

After this hike, the BTC price again faced a minor drop, but it held its ground above $7200. From $7218, the currency started trading upwards and reached $7452 today. However, at the time of writing this analysis, Bitcoin price faced slight correction, and it reached $7399 with having strong support at $7200 level.

Bitcoin’s current value at $7399 is trending below its 20 days MA ($7401.15) and 50 days MA ($7404.5). The RSI is at 47.21 points, which shows no extremities. As per the current trend, BTC is likely to have the next resistance by $7597.70. The medium-term outlook seems bullish for Bitcoin. However, if it faced rejection above the current price level, the coin might reach its strong support of around $7k.

Betty Keene

Betty Keene

Betty Keene is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and Cryptocurrencies in late 2017, she recently joined our growing team as a writer.

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