Bitcoin market update: BTC/USD settles above $8,000; CNBC analyst cautions of a pullback

  • Bitcoin extended the gains this week breaking above $7,000 on Monday marking the beginning of another bull rally.
  • CNBC expert analyst reckons that Bitcoin is heading for a correction from the stalled rally.

We have been in an impressive Bitcoin bull market for the last two months. Bitcoin has pushed the limits incredibly since the beginning of April. However, the gains in May have been groundbreaking, to say the least. Bitcoin initially broke above $6,000, $7,000 and recently $8,000. Looking at the hourly chart for BTC/USD trading pair we see an impressive upward trend using the trendline as the bouncing wall.

Bitcoin extended the gains this week breaking above $7,000 on Monday marking the beginning of another bull rally. BTC/USD extended gains above $7,500 giving the bulls confidence to take it above $8,000. Bitcoin has formed new 2019 highs around $8,384.66 before retracing below $8,000. There has been a correction above $8,000 and Bitcoin is valued at $8,034.23. The price is trading below the rising trendline for the first time in May.

Bitcoin is still fundamentally strong supported by high trading volume of about $32 billion in the last 24-hours. The market cap continues to surge as well to hit $142 billion at press time. Moreover, the price is above both the 100 Simple Moving Average (SMA) and the 200 Exponential Moving Average (EMA). Other indicators like the RSI and the MACD point towards an impeding sideways trading above $8,000 support.

Experts have been trying to demystify Bitcoin’s recent rally. CNBC expert analyst reckons that Bitcoin is heading for a correction from the stalled rally. GRZ Energy’s Anthony Grisanti while on CNBC said:

“Bitcoin has doubled in the last five months, so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,425.”

BTC/USD 1-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Rebound attempt after two bloody days

The weekend has left some moves that have generated quite a stir. Bitcoin finally gave way to bass development and took advantage of Sunday to go in search of the EMA50 around the area of $10,000.

More Bitcoin News

Ripple’s partner Santander bank new UK and Poland payment corridor launched

One Pay FX, a banking application powered by Ripple for Spanish banking giant Santander has added another payment corridor between the United States and Poland. An upgrade completed on the app last week enabled instant funds transfer between the two countries but only went live after the official announcement.

More Ripple News

Ethereum price analysis: ETH/USD plunges 24% in line with Bitcoins slide under $10k

Ethereum continued to lose ground following last week’s drop to $260. The second largest cryptocurrency explored the levels to the south failing to find support at $240 and $220 consecutively.

More Ethereum News

R3 blockchain consortium startup contemplates going public via an IPO

According to a report by Bloomberg, R3 a blockchain consortium start is considering going public in an initial public offering (IPO). Bloomberg says sources “familiar with the matter” confirmed that R3 is in talks with various advisers on the same. Details, where the IPO could be executed, are yet to come to light.

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast