- Bitcoin bulls resurface above $8,000 after refreshing $7,800 support.
- The barrier to the upside remains at $8,300 while short-term support is formed at $8,200.
Bitcoin bears finally gave in to the advances of the buyers on Sunday towards the end of the American session. The world’s largest crypto spiked making a comeback above $8,000 after testing $7,800. The weekend session was mostly slow with $8,000 hindering growth while $7,800 offered the much-needed support.
Meanwhile, the brief recovery quickly catapulted Bitcoin above the resistance at $8,300. The leg extended to $8,300 before adjusting to the current market value of $8,240. Currently, BTC is trading above the 50 Simple Moving Average (SMA) on the one-hour chart and the 100 SMA. With the short-term 50 SMA crossing above the 100 SMA, it means that buyers are gaining momentum.
Traders must, however, be on the lookout for the Relative Strength Index (RSI) retreat from the zone above 70. This is likely to send a reversal signal. In the same timeframe, the Moving Average Convergence Divergence (MACD) is trending within the positive region. The sustained bullish cross of the MACD suggests that the bulls have the upper hand. For now, defending the support $8,200 should be among the buyers’ top priority as they glance towards $8,800 in the next few days.
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