Bitcoin Price Analysis 5th March: BTC Eyes Upside Break

Bitcoin price is gaining bullish momentum above $8,920 resistance. BTC/USD is likely to start a sharp rally once it settles above the key $8,990 resistance area.

Key Findings:

    • Bitcoin is showing many bullish signs above the $8,920 area.
    • BTC/USD is trading nicely above the $8,820 support and a major bullish trend line on the 1-hour chart.
    • The price is likely to rise steadily once there is a successful close above the $8,990 resistance.

 

Bitcoin Price Analysis

Today, the bitcoin price started its upward move with a positive bias above the $8,820 area. BTC to USD remained well bid and climbed above the $8,920 resistance area.

The market data is provided by TradingView, Bitfinex.

Looking at the 1-hour chart, the price is now trading in a bullish zone above $8,920, plus the 25 simple moving average (1-hour, orange). The price is now trading near the key $8,990 and $9,000 resistance levels.

 

If there is an upside break above the $8,990 and $9,000 resistance levels, there are high chances of a strong run towards the $9,150 and $9,200 levels. Any further gains may lead the bitcoin price towards the $9,440 and $9,480 levels.

On the downside, initial support is near the $8,920 level. It coincides with the 23.6% Fib retracement level of the recent gain from the $8,717 low to $8,984 high.

Moreover, Bitcoin is trading nicely above the $8,820 support and a major bullish trend line on the 1-hour chart. The 50% Fib retracement level of the recent gain from the $8,717 low to $8,984 high is also near the $8,850 level.

Mainly, the trend line support, $8,800, and the 25 simple moving average (1-hour, orange) are likely to act as key supports in the near-term.

If the price fails to stay above the 25 SMA, there is a risk of a bearish break in the coming sessions. The next major support is seen near the $8,715 level. Any further losses could open the doors for a strong decline towards the $8,400 level.

 

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