Bitcoin price analysis: BTC/USD breaks above the critical $8,000 for the first time since May
|- Bitcoin jumps 5% on the day, buyers are psychologically eyeing $8,100.
- Bitcoin Bull Run continues in spite of altcoins continuing selloff.
Bitcoin price bull run continues in July even as most of the altcoin in the market struggling with rising selling pressure. Today, Bitcoin has breached the critical resistance at $8,000 for the first time since the declines that started on May 20 this year. BTC/USD is up over 5% on the day, similarly, the trend is still bullish at the time of press.
Until yesterday, Bitcoin was struggling with the resistance at $7,500. However, the price spiked again during the Asian trading hours on Monday breaching yet another key resistance at $7,750. Consequently, the groundbreaking move was breaking above $8,000 for the first time since May 2018. The price is currently seeking support in order to consolidate the gains above $8,050 as it forges another move towards $8,100 in the short-term.
The trendline will offer resistance slightly above $8,060, however, Bitcoin price seems unstoppable at the time of press. The RSI on the 4-hour chart, for instance, is at 77.89% and still advancing north. The 50 SMA is has moved far above the longer term 200 SMA signalling the presence of high buying power. Significantly, it is essential that Bitcoin finds a support above $8,050 as it retraces higher to provide anchorage in the event of a trend reversal.
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