Bitcoin Price Rallies 5.5% to $8K — Is $8.2K the Next Stop?
Bitcoin Price Rallies 5.5% to $8K — Is $8.2K the Next Cease?
Bitcoin price rallied v.5% to cross above the $7.6K resistance, briefly gaining above $8K and leading traders to telephone call for a trend reversal.
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On Monday during the U.S. evening trading session, Bitcoin (BTC) cost continued its rally from $vii,358 and at the time of writing the price pushed as high as $8,000. For the past week, traders have been closely watching to run into if Bitcoin could flip $7,450 from a resistance to support and many suggested that sustained move above $7,600 would open the door for a shot at the $8,000 to $viii,200 range.
The four-hour close in a higher place $7,600 pulled the price in a higher place the 50-24-hour interval moving average (MA) and provided bulls with enough confidence to push the Bitcoin to set a daily college loftier non seen since November. 21 when the nugget traded for $8,122.
Cryptocurrency marketplace daily overview. Source: Coin360
Currently, Bitcoin cost is closing in on the 200-solar day moving average (MA) and this point is besides within $xl of the master trendline of the long-term descending channel which formed when Bitcoin topped out at $13,800 on Jun. 26.
Traders will be keeping a close eye on this zone equally the cost has experienced multiple rejections at the trendline. The volume profile visible range (VPVR) also shows a high book node correct at the descending trendline ($8,168), meaning traders could conceptualize and so push back at this level and book profits.
BTC USD Daily Relative Strength Alphabetize (RSI) chart. Source: TradingView
In the daily time frame, the relative (RSI) has reached 64.v which is bullish territory just besides close to the level where the indicator pulled dorsum on Oct. 25, Aug. 8, Aug. five and July. 9.
BTC USD Perpetual Inverse Swap Contract daily chart. Source: TradingView
Earlier in the day crypto analyst Philip Swift tweeted the in a higher place daily chart and suggested that Bitcoin was reapproaching what he describes as the crucial 2-year moving average:
"Notwithstanding a lot of the twenty-four hour period to go for $BTC but on the 10th (!) endeavour I remember we are finally going to get the close above the 2yr MA.
Pump it! "
Bitcoin ane-twenty-four hour period price chart. Source: Coin360
Traders volition at present watch to meet if the digital asset can hold above $8,000 or a salubrious pullback to $7,750 could be on the cards.
The overall cryptocurrency marketplace cap was $211.4 billion and Bitcoin'due south say-so rate has risen to 68%. A number of the altcoins have besides followed Bitcoin'southward toll action to mail service 3% to 5% gains and the about notable altcoin of the twenty-four hours is XRP with a 12.13% proceeds.
Continue track of top crypto markets in existent time here
Source: https://cointelegraph.com/news/bitcoin-price-rallies-55-to-8k-is-82k-the-next-stop
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