- Bitcoin has the potential of hitting levels above $10,000 but not without up and downs.
- All eyes are currently set on pulling Bitcoin to the levels around $8,000.
As reported earlier Bitcoin found support at $7,500 stopping further declines in the volatility driven bearish momentum. The correction came after BTC/USD price had remained relatively stable marginally below $8,000. The much anticipate correction has formed yet another support, in turn, confirming a market that strongly bullish. Bitcoin has the potential of hitting levels above $10,000 but not without up and downs.
At press time, Bitcoin has recovered from the lows traded on the day and is almost correcting above the ascending trendline. For the bulls, $8,000 level is the rendezvous point in the short-term. All eyes are currently set on pulling Bitcoin to the levels around $8,000 and the momentum is supported by the Relative Strength Index (RSI) which has revamped the direction upwards. Moreover, the Moving Average Convergence Divergence (MACD) is battling to cross into the positive.
Meanwhile, the price is above both the 100 Simple Moving Average (SMA) and the 200 Exponential Moving Average (EMA). This means that despite the correction, Bitcoin still has the potential to correct higher and reverse the trend upwards.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.