- Bitcoin price failed to gain momentum above $5,350 and corrected lower against the US Dollar.
- The price declined below the $5,300 level and tested the key $5,200 support area.
- There is a crucial bullish trend line in place with support at $5,245 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is approaching the next key break either above the $5,300 resistance or towards $5,200.
Bitcoin price recently corrected lower, but it remained well supported against the US Dollar. BTC is now preparing for the next break and it could surge above $5,300 and $5,350.
Bitcoin Price Analysis
In the past two days, bitcoin price made a few attempts to break the $5,350 resistance against the US Dollar. The BTC/USD pair failed to gain momentum above $5,350 and recently corrected lower. It broke the $5,300 and $5,250 support levels. There was even a break below the $5,220 level and the 100 hourly simple moving average. However, the $5,200 support area acted as a strong support and the price recently bounced back above $5,220 and $5,250.