Bitcoin price is up over 3% and it gained strength from the $13,000 support against the US Dollar. BTC is now facing a heavy resistance near the $13,650 and $13,700 levels.
- Bitcoin remained well bid above the $13,000 level and it started a fresh increase.
- The price broke the $13,500 resistance and settled above the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above $13,650 and $13,700 to continue higher in the near term.
Bitcoin Price Starts Fresh Increase
Yesterday, we saw a sharp downside correction in bitcoin price below the $13,500 support level. BTC even broke the $13,200 support level and spiked below $13,000.
However, dips were limited below the $13,000 support and the price bounced back sharply. It broke the $13,200 and $13,380 levels to move back into a positive zone. There was also a break above the $13,500 resistance and the price settled nicely above the 100 hourly simple moving average.
Bitcoin is now facing a heavy resistance near the $13,650 and $13,700 levels. It already made two attempt to gain strength above $13,650, but failed.
The recent high was formed near $13,672 and the price is currently correcting lower. It broke the $13,500 level, plus traded below the 23.6% Fib retracement level of the upward move from the $13,976 swing low to $13,672 high.
<img alt="Bitcoin Price" class="alignnone size-full wp-image-448361"