- 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
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.
