The Bitcoin price is showing positive signs and is holding support at $8,200. In the last 2 days, the coin touched a high of $8,369.4 and a low of $8,166.53. At the time of writing, Bitcoin is trading at $8,238.
According to analysts, the Bitcoin price is likely to surpass the $8,280 and $8,300 resistance levels to rise higher. There is a short term declining channel or bullish flag pattern forming, with resistance near $8,255, but the price is likely to gain in strength if it settles above the $8,300 resistance zone. They are of the view that Bitcoin is clearly attempting another upward move above $8,300. It seems like the Bitcoin price could soon revisit key $8,400 and $8,500 resistance levels.
After hovering around $8,000 for a considerable amount of time, Bitcoin recently broke above the $8,100 and $8,200 resistance zones. It even settled above $8,100 and the 100-hourly SMA.
According to experts, this opened the door for higher gains and the price spiked above $8,300. However, the price failed to stay above the $8,300 pivot level and lost some ground. The last high point was near $8,388 before the price fell below $8,300. However, it still holds major support at $8,200.
Besides, there was a break below the 23.6% Fib retracement level. Finally, the price fell below the $8,200 support area, but it remained stable above the $8,100 support area. It seems like the 50% Fib retracement level of the upward move from $7,885 to $8,388 acted as strong support for Bitcoin.
According to some technical analysts, on the upside, immediate resistance lies at $8,260 and $8,280. The main resistance is near $8,300, above which the price could climb steadily towards resistance at $8,400. And if there is an upside break above $8,400, the price may perhaps test resistance near $8,500. On the downside, the $8,150 and $8,100 levels are important. If there is a bearish break below the $8,100 support, the price could test the $8,050 level, experts say.
Technical experts also say that Bitcoin is now showing a few positive signs above the $8,100 and $8,150 levels. However, a successful close above $8,300 is a must for the bulls to gain Momentum again.