Bitcoin Price Analysis: BTC/USD bulls finally get the breakout targeting $8,000
|- Bitcoin forges the trajectory to $8,000 as technical levels align positively.
- The price is above the moving averages resistance zones; $8,000 is nigh.
The weekend session in the crypto market was characterized by impressive action to the upside. Generally, cryptoassets corrected higher above the key support areas formed during the bearish previous week. Bitcoin, for instance, reacted from levels close to $6,500 to highs around $7,500. Similarly, the weekend action was kind to Bitcoin, as it allowed action above $7,600.
Meanwhile, Bitcoin price is teetering at $7,617 at the time of writing. It follows a 1.4% gain in value during the Asian session. Technical levels have aligned in support of higher movement towards $8,000.
The RSI has recovered significantly from the oversold levels at 22.22 last week to 77.77. As long as it sustains above 70, BTC could have the potential to close in on $8,000.
Due to the slightly overbought condition, Bitcoin could end up in a reversal in the near term. However, initial support is seen at $7,500 followed by the 100 SMA at 7,191 on the 4-hour chart and the 50 SMA at $7,064.
BTC/USD 4-hour chart
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