Today Bitcoin (BTC) toll briefly popped above $7,700, suggesting the reminder of the weekend, along with the weekly shut will provide higher than normal levels of excitement. The move to $seven,708 was short lived simply about ready a higher loftier above Thursday's impressive surge to $7,742. At the fourth dimension of writing, Bitcoin toll is trading sideways between $vii,500-$7,569 as traders attempt to press the price to a higher place $7,600.

Altcoins as well rallied college equally Bitcoin cost squeezed upwardly to $7,700 earlier today but at the moment top movers like Ether (ETH), Chainlink (LINK) and Tezos (XTZ) are dependent on Bitcoin'southward price action in club to continue their uptrends.

Crypto market daily performance

Crypto market daily functioning. Source: Coin360

Equally shown on the iv-60 minutes chart, Bitcoin price is pinned below $vii,600 and this level also lines up with the March 12 drop candle which initiated the steep drop to $3,765. Nosotros tin can as well run into above this is the tweezer top Bitcoin toll formed at $vii,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-hr chart. Source: TradingView

Every bit the toll consolidates in the electric current range, it'due south important that Bitcoin holds to a higher place $7,475 (bottom cerise 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 likewise come down from bullish territory and current is at 62.5.

BTC USDT 4-hour chart

BTC USDT 4-60 minutes chart. Source: TradingView

Traders volition also annotation that the price has rode along the upper Bollinger Band arm since April 23 when the digital nugget surged to $7,752. Usually after a breakout the price somewhen drifts down to touch underlying back up. In this case that would be the 20-MA of the Bollinger Band moving average, which is slightly below the loftier volume VPVR node and 50% Fib level at $7,130.

Failure to hold $seven,475 increases the likelihood the toll will driblet to $vii,130.

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

The daily time frame shows Bitcoin price in relatively good order as the asset has put some distance between itself and the previous 19-twenty-four hours resistance zone from $seven,250 to $6,900 but as mentioned before, a retest of $7,250 to $vii,100 is non an extraordinary expectation.

The about recent 2 candlesticks evidence the price is in flux as the neutral doji candles show buyers and sellers are in contention over the direction of the trend. Typically volume precedes price and on the daily timeframe we tin see that purchase volume is start to build up and the design of daily higher lows remains intact.

If the price tin can make a higher high above $vii,750 an attack on the 61.8 Fib level ($7,924) seems likely. Above the 61.eight level there is besides a book gap on the VPVR, suggesting a high volume breakout could push the price higher up the 100 and 200-solar day moving average to $8,700.

Equally the weekly close approaches traders volition exist keeping a sharp eye on either ownership a breakout above $vii,700 and $eight,000 or looking to purchase the possible dip to $7,150. In a recently published analysis, Cointelegraph contributor Micheal van de Poppe said a bullish scenario for Bitcoin would probable entail:

"A quantum of the $vii,700 area would likely warrant farther upwardly momentum with targets of $8,500 and $9,000 (as that's likewise the CME gap)."

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You lot should conduct your own research when making a decision.