Bitcoin Price Analysis: BTC/USD paces above $7,800, the focus shifts to $9,000
|- Bitcoin price weekend consolidation above $7,500 yields as gains extend to $7,800 on Monday during the Asian session.
- Bitcoin could take advantage of the pre-halving speculation and volatility to rise to $9,000.
Bitcoin price remained relatively stable over the weekend sustaining last week’s accrued gains above $7,500. However, the bullish action rapidly extended upwards with $8,000 in the sight glass but hit a wall at $7,805 (intraday high). Meanwhile, Bitcoin is trading at $7,704 (close to its opening value at $7,704.33. The prevailing trend is bullish while the shrinking volatility suggests that downward movements will not be rapid in the current and coming sessions of the day.
From a technical perspective, Bitcoin is ready for another lift-off above the critical $8,000. It appears that the recent break above the 50-day SMA has been vital to the recovery experienced since BTC/USD surged above $7,000 last week. The MACD displays a positive and strong bullish picture especially with the bullish divergence within the region above the mean line.
It is also important that the bearish pennant pattern resistance and the hurdle at the 200-day SMA are overcome for the much-anticipated gains towards $9,000. As Bitcoin halving draws nigh, volatility is expected to increase due to the speculation among investors. Most investors expect Bitcoin price to rally pre and post halving, with some predicting gains in the excess of $80,000 per BTC by 2022. In the meantime, in the event Bitcoin price reverses the trend, support is expected at $7,700, $7,500, and $7,200.
Read more: Cryptocurrency Market Update: Bitcoin mooning to $5 million in just 5 years
BTC/USD daily chart
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