Bitcoin market update: BTC/USD technical levels are intact – Hints yet another breakout

Bitcoin currently struggles with the resistance at $8,000. The price is taking a break from the rollercoaster movements witnessed since the beginning of last week. The rally in the market kicked off in April where Bitcoin posted gains in a $1,000 engulfing candle. Most people believe that Bitcoin could have entered into a parabolic momentum including BitMEX CEO Arthur Hayes and Fundstrat’s Tom Lee.

At present, Bitcoin is trading at $7,911 while the intraday charts show losses of 1.3% on the day. The bulls are fighting tooth and nail to break past the resistance at $8,000. However, BTC/USD is primed to make movements sideways in the coming sessions. Technical levels indicate that bullish pressure and bearish pressure are canceling out. The Relative Strength Index (RSI) is slopping downwards slightly below the overbought region. On the other, Moving Average Convergence Divergence (MACD) sitting in the positive region, meaning that a breakout could soon occur.

Bitcoin only needs to jump above $8,000 for a correction towards $8,500. Meanwhile, the bulls have set eyes on $10,000 in the medium term. In the event BTC/USD drops below the short-term support at $7,500, the 100 SMA will offer support at $7,000. Last week’s support at $6,500 will come in handy at $6,500.