Welcome to PrimeXBT’s special analysis of Bitcoin, focusing on BTCUSD’s price action as well as the digital asset’s fundamental developments.
Bitcoin entered the new decade with a record hash rate, which reached a maximum of 119.35 excesses per second. The complexity of mining has also increased.
Recently, there was a downside extension for Bitcoin below the $7100 and $7000 support levels against the US Dollar. BTC’s price dived towards the $6880 support and traded at a new 2020 low at $6863.
However, bulls quickly took a stand, resulting in a sharp upward move above the $7000 resistance level. More importantly, there was a break above a key local bearish trend line with resistance near $7120.
On the downside, initial support is near the $7150 level and the broken trend line. The next major support is near the $7080 level, below which the price is likely to resume its downtrend.
If the price continues to rise above $7400 and $7500, the next stop for the bulls may perhaps be $7680 and $7850 in the coming days.
Will the same pattern below repeat itself at this time? It seems as though this is a strong possibility while looking at this chart comparison.
Watch closely for our future updates to be the first one to get well-timed trading signals!
Bitcoin entered the new decade with a record hash rate, which reached a maximum of 119.35 excesses per second. The complexity of mining has also increased.
Recently, there was a downside extension for Bitcoin below the $7100 and $7000 support levels against the US Dollar. BTC’s price dived towards the $6880 support and traded at a new 2020 low at $6863.
However, bulls quickly took a stand, resulting in a sharp upward move above the $7000 resistance level. More importantly, there was a break above a key local bearish trend line with resistance near $7120.
On the downside, initial support is near the $7150 level and the broken trend line. The next major support is near the $7080 level, below which the price is likely to resume its downtrend.
If the price continues to rise above $7400 and $7500, the next stop for the bulls may perhaps be $7680 and $7850 in the coming days.
Will the same pattern below repeat itself at this time? It seems as though this is a strong possibility while looking at this chart comparison.
- Resistance Zone: $7410 - 7500
- Support Zone: $7100 - 7150
- Market Cap: $133 118 005 236 USD
- Volume (24h): $27 122 935 420 USD
- Circulating Supply: 18 139 475 BTC
Watch closely for our future updates to be the first one to get well-timed trading signals!
Trade closed: target reached
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New 6H chart analysis, Update
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