## Bitcoin (BTC) Price Primed For Gains With Bullish Sentiment On Rise

• Bitcoin price fund a strong support near the $4,920 level and later recovered against the US Dollar. • The price broke the$5,120 resistance level to move into a positive zone.
• There was a break above a key bearish trend line with resistance at $5,080 on the hourly chart of the BTC/USD pair (data feed from Kraken). • The pair is now trading nicely above the$5,150 level and the 100 hourly simple moving average.

Bitcoin price rebounded nicely above $5,100 against the US Dollar. BTC is currently showing positive signs and a break above$5,200 is likely to accelerate gains above $5,250 in the near term. ## Bitcoin Price Analysis This past week, we saw a major downside correction below$5,200 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $5,000 level and traded as low as$4,920. Later, the price consolidated in a range and formed a decent support above the $4,950 level. Finally, the price started a fresh increase and traded above the$5,040 and $5,120 resistance levels. Buyers gained traction and pushed the price above the$5,150 level and the 100 hourly simple moving average.

Besides, the price broke the 23.6% Fib retracement level of the last drop from the $5,464 high to$4,920 low. More importantly, there was a break above a key bearish trend line with resistance at $5,080 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the$5,150 level and the 100 hourly simple moving average. It traded close to the $5,200 resistance and the 50% Fib retracement level of the last drop from the$5,464 high to $4,920 low. A break above the$5,200 level is needed for more gains. The next key resistance could be $5,255 and the 61.8% Fib retracement level of the last drop from the$5,464 high to $4,920 low. A successful close above the$5,260 level might open the doors for a strong rise towards the $5,330 level. On the downside, the recent resistance at$5,120 is likely to act a solid support.

Looking at the chart, bitcoin price clearly climbed into a positive zone above the $5,120 level and the 100 hourly SMA. Dips from the current levels are likely find a strong buying interest above$5,100. On the upside, a break above the $5,200 and$5,260 levels could really boost the market sentiment in favor of buyers in the near term.

Technical indicators:

Hourly MACD – The MACD is currently placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level and is correcting lower.

Major Support Levels – $5,150 followed by$5,120.

Major Resistance Levels – $5,200,$5,260 and $5,330. • 8 | Спасибо что поделились. 展开 Support 展开 Mining 展开 support······ 展开 mining ······ 展开 Hello 展开 Hello Hi 展开 @平静 #4 support······！ Thank u 展开 You should login to reply You will reward to {{ username }} Available Balance: {{balance}} ≈$ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

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