Bitcoin (BTC) Price Uptrend Intact Despite Recent Corrective Decrease

techanalysis btc8 1500x700

Bitcoin price rallied to a new 9-month high towards $7,500 before correcting lower against the US Dollar.The price declined below the $7,000 support level, but it found strong bids near $6,750.There is a new connecting bullish trend line forming with support at $6,940 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is currently in an uptrend and it is likely to climb back above $7,200 and $7,250.Bitcoin price corrected sharply from $7,500 against the US Dollar. BTC tested key supports and it seems like it could bounce back above $7,200 in the coming sessions.Bitcoin Price AnalysisIn the past five days, there was a sharp rally in bitcoin price above the $7,000 resistance area against the US Dollar. The BTC/USD pair even broke the $7,200 and $7,350 resistance levels. The price tested the $7,500 resistance level and settled well above the 100 hourly simple moving average.…

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