- 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.
BTC/USD one-hour chart
-637072217455664449.png)
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Kyber exploiter asks for complete control of all assets after nearly $50 million exploit
Kyber network exploiter drained the protocol’s liquidity pools of nearly $50 million on November 22. The team behind Kyber managed to recover $4.67 million and communicated with the exploiter for the remainder of assets.
Chainlink supply on exchanges hits lowest point since 2020, with LINK staking v0.2 launch
Chainlink supply on exchanges declined to a level previously seen in February 2020. LINK staking v0.2 went live on November 28, attracting 68% of staked tokens from v0.1.
Bitcoin Spot ETF applications see amendments, holders await January batch approval
Bitcoin Spot ETF race has late entrants and updates from BlackRock, according to James Seyffart. BTC Spot ETF approval anticipation has fueled a rally in both spot and futures markets.
Ethereum Price Prediction: ETH top-down analysis hints upside is capped at $2,500
Ethereum price trades in a clear consolidative trend on the weekly time frame between $1,933 and $2,141 barriers. The daily chart for ETH shows a sweep of Monday’s high is likely to be followed by a sweep of Monday’s low at $1,985.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.