bitcoin price analysis
The flagship crypto is correcting and trading around $7,578.27 Thursday.
Radical fundamental force may be required to break up the strong resistance level of $8,233. The resistance level may be broken up should the Bulls push up Bitcoin price and touch the level of $8,233 fourth time.
In case the demand level of $7,812 holds Bitcoin price may bounce and resume its bullish trend which may break up the $8,233 and target $8,678 level. Should the Bears exert more pressure and break down the $7,812 demand level, BTC may fall to $7,440.
The flagship crypto took a break Thursday and is trading around $7976.60.
Should the demand level of $7,812 hold, the Bulls will resume their uptrend movement which may push Bitcoin price to break up the $8,233 level and target $8,678 level. Otherwise, consolidation may continue.
In case the Bulls defend the $6,869 level, the bullish trend will continue and may break up the $7,440 level and target $7,812 level. Should the demand level of $6,869 does not hold, the Bitcoin price will target $6,332 level.
The bearish movement may continue and reach the demand level of $5,946. The bullish movement can continue only when the Bulls break up the $6,121 Bitcoin price level.
Further increase in the Bears’ momentum will make Bitcoin price break down the $5,946 level and even $5,840 level and target $5,716 price level. In case the Bulls defend $5,840 level Bitcoin price may bounce and rally towards $6,151 level.
Increase in the Bulls momentum will make the Bitcoin price to touch $5,716 level and may break up the level and face $5,910. In case $5,716 level holds BTC price may continue ranging within the level.
The Bulls require higher pressure to break up a resistance level of $5,574 and target $5,716 in case Bitcoin price support level of $5,459 holds. Should the resistance level of $5,574 hold the Bears may take over.
