Connect with us

Crypto News

Bitcoin Price Breaks Above Key Resistance Levels as Bulls Target $8.6K

Published

on

Bitcoin (BTC) price has at last crossed above the $8,300 resistance, setting the digital asset up for a run at $8,500 and restoring bullish momentum to the current uptrend which has seen the price rise from $7,655 to $8,536 over the past week. 

Cryptocurrency market weekly overview. Source: Coin360

For the second time in a week, the price rose above the oft-referenced descending channel trendline which has served as a long term resistance for the last 7 months. While there are some traders who will have bought the breakout above resistance, cautious traders will closely watch the 4-hour close to see if the digital asset sustains above the trendline as previous price action shows Bitcoin repeatedly unable to hold above this level. 

BTC USD daily chart. Source: TradingView

At the time of writing, Bitcoin continues to push higher, setting a daily higher high for the first time since the Jan. 8 run up to $8,464 and clearing the $8,500 resistance level. Earlier in the day, Cointelegraph contributor filbfilb suggested that: 

“Bitcoin price is currently consolidating above resistance and the most significant volume node on the visible profile visible range, or VPVR. If Bitcoin can complete bullish consolidation above $8,000, a measured move to the upside would take the price of Bitcoin to the top of the previous range at $9,500 and possibly as high as the next high volume node of $10,100.” 

Currently, Bitcoin price is above the 200-day moving average and the most recent price action suggests that $8,000 will function as strong support. Traders will now observe to see whether $8,300 will flip from resistance to support. 

Bitcoin weekly price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $223.8 billion and Bitcoin’s dominance rate is at 68.1%. Notable altcoins that moved alongside Bitcoin’s price increase were Bitcoin SV (BSV) with a surprising 22.87% gain, Bitcoin Cash (BCH) with a 6.46% gain, Litecoin (LTC) at 6.46% and Dash (DASH) which surprised investors by continuing last weekend’s rally to gain 14.32%.

Keep track of top crypto markets in real time here



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto News

Bitcoin Price Faces Healthy Consolidation, Can The Bulls Pick Up Momentum Again?

Published

on

By


Bitcoin price has been facing some healthy consolidation after quite a significant bull run up to $9198 and it is now testing the 26-period EMA as a support line. The bulls have been able to bounce from it already as Bitcoin is currently trading at $8454 down from $8238 where the EMA is located at.

The RSI (Relative Strength Index) has cooled off and it’s currently at around 56 points. From this level, the bulls can definitely see a break of the high at $9198 but a daily equilibrium pattern seems more likely.

What Are the Shorter Time Frames Saying About Bitcoin Price

The hourly chart has clearly shifted in favor of the bulls with a 2% candlestick a few hours ago followed by a lot of continuation up to $8528. The EMAs have now crossed bullishly and the bulls will look at the 12-period EMA as the next support.

BTC/USDT 4H – Binance

The 4-hour chart is still in a downtrend right now as the bulls would need to first set a higher low compared to $8238 and then establish a higher high. They are definitely on the right path though. Currently, they are struggling to break above the 12-period EMA, however, trading volume is in their favor right now.

Will Bitcoin Halving Push Bitcoin Price Above $20,000 Again?

Bitcoin Halving is perhaps the most important event for Bitcoin although it happens every few years. Most analysts and traders think the event will have a positive impact on Bitcoin, however, it’s not really clear if that will happen before, during or after the event.

It’s true that historically, halvings have been extremely positive for Bitcoin’s price although not always instantaneous. It’s important to remember that what sparked the recent Bitcoin mini bull run was the tension between the US and Iran and fears of a third world war.

Bitcoin is probably not going to reach $20,000 any time soon unless something dramatic happens. Bitcoin Halving could certainly help Bitcoin and we might see the digital asset break above $10,000 soon.

Conclusion

Bitcoin is currently quite strong, the short term is in favor of the bulls and the long term is also quite positive. Bitcoin’s halving could help the bulls but even without it, the future looks quite bright.

BTC/USDT 1M – Binance

Most traders and analysts are waiting for Bitcoin’s monthly chart to finally confirm a higher low and continue with the uptrend that is already in place. If Bitcoin can convincingly change the weekly trend, the monthly higher low will be set and confirmed and Bitcoin’s price will probably be catapulted to the upside.

Nexo – Your Crypto Banking Account

Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.


Ad

This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission – but the prices do not change for you! 🙂

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 


Posted By

Lorenzo Stroe

Skilled Journalist and Financial Technology Writer successful at Creating Unique pieces that tell Intriguing stories.


You might also like


More from Bitcoin News


Bitcoin Price USD Analysis: Full speed ahead?

Bitcoin is expected to run on the bullish path after an unbelievable week. The Bitcoin Price USD has observed approximately …



Bitcoin SV – 268% Rise in A Week – Coordinated Pump and Dump?

Bitcoin SV (BSV) short for Satoshi Vision – a prominent fork of Bitcoin supported by controversial Craig Wright, rose over …



The Bitcoin Code: Can Bitcoin be Used as Money?

Money generally refers to the medium “used for buying/selling” or in another words, what we use as a payment for …

Source link

Continue Reading

Archives

Categories

Trending