Bitcoin Price Pushes to Clear $7,750 as Key Weekly Close Approaches

Today Bitcoin (BTC) price briefly popped above $7,700, suggesting the reminder of the weekend, along with the weekly close will provide higher than normal levels of excitement. The move to $7,708 was short lived but nearly set a higher high above Thursday’s impressive surge to $7,742. At the time of writing, Bitcoin price is trading sideways between $7,500-$7,569 as traders attempt to press the price above $7,600. 

Altcoins also rallied higher as Bitcoin price squeezed up to $7,700 earlier today but at the moment top movers like Ether (ETH), Chainlink (LINK) and Tezos (XTZ) are dependent on Bitcoin’s price action in order to continue their uptrends. 

Crypto market daily performance. Source: Coin360

As shown on the 4-hour chart, Bitcoin price is pinned below $7,600 and this level also lines up with the March 12 drop candle which initiated the steep drop to $3,765. We can also see above this is the tweezer top Bitcoin price formed at $7,980 on March 11-12. 

As discussed in previous analysis, this is just a hair away from the 61.8% Fibonacci retracement and today and on April 23 the price struggles to cross above this level of resistance. 

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

As the price consolidates in the current range, it’s important that Bitcoin holds above $7,475 (bottom red line) or the price is prone to drop to retest the underlying support levels. 

Already the MACD has dropped below the signal line on the 4-hour timeframe and the MACD histogram has turned negative. The RSI has also come down from bullish territory and current is at 62.5.

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

Traders will also note that the price has rode along the upper Bollinger Band arm since April 23 when the digital asset surged to $7,752. Usually after a breakout the price eventually drifts down to touch underlying support. In this case that would be the 20-MA of the Bollinger Band moving average, which is slightly below the high volume VPVR node and 50% Fib level at…

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