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Bitcoin Price Analysis: Strong Rally Retests Macro Resistance

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Summary:

  1. The bitcoin market is experiencing a strong rally that has us testing the strength of the $8,300 resistance level.
  2. So far, the support level at $8,090 is holding and as long as the daily candle doesn’t close below the support level the market is poised for a retest of the $8,500s.
  3. If we see a close below the $8,090 support we will likely see a retest of deeper support at $7,700.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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