Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
The BTC/USD price may surge significantly over $7500. There are, however, various hurdles from $7700 to $8000. The price rose decently over the hurdle at $7300 in the last few sessions—additionally, the price established over $7400, and the 100 hourly SMA.
Recently, the price inclined over a short term declining trend line, with a hurdle close to $7455. It led to more gains over the hurdle at $7500 and attained a new 2020 high at $7572; nevertheless, currently, it is correcting lower.
The first support on the downside is close to $7500. A look at the upside on the hourly chart of Bitcoin against the USD shows the next hurdle close to $7580 and $7600. The initial major hurdle is close to $7640. Hence, there is an essential observation from $7700 to $8000.
What to Expect When the Bitcoin Price Rises or Drops
An action gets needed as the price moves toward the major $8000 hurdle. The price may surge towards $8500 and $8800 if it successfully rises over the hurdle at $8000. There are several barriers between $7700 and $8000; therefore, it is not easy to shun the possibility of a declining reaction under $7500 and $7450.
Additionally, the BTC/USD chart reveals the initial major support close to $7400, and then a correcting bullish trend line close to $7360. A successful push of the price under the trend line puts Bitcoin at risk of a huge drop towards the support zone at $7200.