Is Bitcoin Awaiting an Entry to the Bull Run? Can $8,000 Possibly be the Next Target?

  • Bitcoin hits above the major resistance $7,500 price area and currently trades at $7,545.45
  • In the past five days, BTC has shown a growth of over 18% ranging to $7,640.99 from $6,429.51
  • The parallel lines hint towards a Bull Run, and the current movement of the coin seems to have gained momentum to trade considerably better; can the next target be $8,000 and above?

Bitcoin is seen performing well at present. With this, we expect the coin to gain the lost momentum and hit the trade above $8,000. However, the volatility hovers and the selling pressure still exists which leads the coin to lose the major support from the moving averages. With this, we have also seen a positive movement of the altcoin market and all the major altcoins have shown a positive intraday movement in the global crypto market.

Bitcoin Price Analysis:

Bitcoin Price Prediction
BTC/USD Chart By TradingView

Analyzing the 2 hourly BTC/USD movement on Bitstamp, we see that the coin has shown an incremental growth to soar around $7,600 from the recorded 52-week low. Here, the price area around $7,450 is providing the utmost support for the coin to survive the fall (marked in a horizontal red line). The current trading price is also supported by the 9-day daily MA. The 49-day MA cuts the 200-day MA from below to approach the current trading area which seems to set down the volatility. As per BTC price prediction, the next immediate support after $7,450 lies around $7,100 price area, and a trade price below that will lead to an eventual strength of the bears.

Is Bitcoin Awaiting an Entry to the Bull Run? Can $8,000 Possibly be the Next Target?

Technical Indicators:

The MACD of Bitcoin is running above zero and appears super bearish as the coin hits the $7,600 price area.

The RSI of the coin also confirms the same and is currently at 70.90, indicating the overbought of the security.

Is Bitcoin Awaiting an Entry to the Bull Run? Can $8,000 Possibly be the Next Target?

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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