Bitcoin market update: BTC/USD rebounds from $7,500 – destination is $8,000

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.

John Isige FXStreet

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.

BTC/USD 4-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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