Bitcoin Price Testing Critical Support, Strong Challenge For The Bulls
Bitcoin price started its bullish rally after hitting the critical support at $6480.78. From that level, the bulls continued to push the price of BTCUSD higher and secured a new high at $8445.84, on 7th January. The BTCUSD bulls lost most of the bullish steam after hitting the resistance at $8382.07. Currently, the Bitcoin price is testing the critical support at $7895.16. A daily closing of the price below that support level might push the price lower towards the next support at $7640.11. From this level, the BTCUSD bulls might regain control of the bullish rally since we have plenty of supportive candles. However, breaking below the $7640.11 might result in an extended bearish rally.
On the upside, the Bitcoin price needs to regain strength from the current support level at $7895.16. If the bulls manage to beat the BTCUSD bears, the imminent bullish target might be the high 7th January. Breaking above the resistance at $8445.84 might refuel the BTCUSD bulls. Eventually, the Bitcoin price is most likely to head towards the next resistance at $8664.22. Breaking above that level might be a tough task for the BTCUSD bulls since we have a strong cluster of resistance. Considering the technical parameters, the overall bias remains slightly bullish as long as the support at $7895.16 holds.Download our latest quarterly market outlookfor our longer-term trade ideas.
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