Bitcoin price is trading nicely in an uptrend above the $7,255 and $7,095 support levels. BTC/USD could surpass the $7,450 resistance and continue higher in the near-term.

Key Findings:

• Bitcoin bounced back after a short-term correction towards $7,095.
• BTC/USD is trading nicely above the $7,255 support and a key bullish trend line on the 1-hour chart.
• A clear break above $7,420 and $7,450 is needed for further upside.

Bitcoin Price Analysis

Yesterday, we saw a sharp spike in the bitcoin price above the $7,255 resistance. BTC/USD traded as high as $7,255 and recently corrected lower below $7,420.

Looking at the 1-hour chart, the price corrected below the $7,255 support level and the 25 simple moving average (1-hour, orange). However, it remained near $7,095 and bounced back sharply above $7,255.

The market data is provided by TradingView, Bitfinex.

The bulls remained in action and pumped the price towards $7,420. A high has formed near $7,419 and the price is currently correcting lower. It’s testing the 23.6% Fib retracement level of the recent surge from the $7,091 low to the $7,419 high.

It seems like the bitcoin price is trading nicely above the $7,255 support and the key bullish trend line on the same chart. The 50% Fib retracement level of the recent surge from the $7,091 low to the $7,419 high is also near the $7,255 support.

If the price fails to stay above the $7,255 support and the trend line, it could correct again towards the $7,095 and $7,080 levels.

On the upside, the price is facing hurdles near $7,420 and $7,450. A clear break above the $7,450 resistance level could start another rally. The next major resistance for the bulls is near the $7,650 and $7,700 levels. 

In the short-term, Bitcoin might trade in a range above the trend line and the $7,255 support. If the bulls remain in action above $7,255, the price could soon rally above the $7,420 and $7,450 resistance levels.