Bitcoin Price Soars 15% to $7.2K But Breaking $8K Won’t Be Easy

Source: Tradingview Bitcoin closed the month of March with a bearish candle close below the previous support at the 20-month moving average, which represented the first close below $6,500 in 11 months. Source: Tradingview The weekly Bitcoin chart shows that the price currently trading up against previous support, now turned resistance at around $6,800.

The 20-week and 100-week averages are likely to be a formidable resistance point for Bitcoin as they have historically been very important support and resistance areas that dictate the bullish or bearish nature of the market. Source: Tradingview The 4-hour Bitcoin price chart shows a series of higher lows for BTC/USD and helps to illustrate the demand at the 200-week moving average and below, both of which are being front-run.

Timeline of Bitcoin