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:
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 Bitcoin price estimate, 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.
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.
