Price Analysis

BTC Hits Major Resistance at $8k; Manifests Possibility to Breach $10k

Bitcoin (BTC), at the time of writing, was trading at $8,324.48 and is seen trading in the green with an intraday bullish move. Just when we thought that we are losing on BTC investments, the king of the cryptocurrencies started to show its power. After a despairing latter half of the bygone year, we believe to see a reliable uptrend soon. At present, the coin is rightly supported by the imminent daily moving averages.

Bitcoin Price Analysis

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BTC/USD Chart By TradingView

Taking a glance of BTC/USD daily movement on Bitstamp, we see that the coin is gaining enough momentum as it hits above $8,000, after having breached the major resistances. As per the trend line stretched from the mid of the bygone year, Bitcoin is likely to hit $10,000 if it continues to grow at a similar pace. Although the 2nd half of the year has been notably disappointing, there is a bright chance of recovery at present. The coin is rightly above 61.50% Fib Retracement level and is believed to exhibit a future growth.

All the major daily moving averages viz., 10-day, 50-day, and 100-day are in utmost support as the selling pressure becomes transparent. However, the 200-day MA is yet to give proper support.

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The technical Indicators laid also confirm the intraday bullishness that’s flowing in the market as the MACD of BTC holds a bullish divergence and overrides the signal line.

The RSI of the coin is at 70.33 and is rightly hitting the overbought region due to increased trading volume and momentum.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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