Bitcoin Price Analysis: BTC/USD bulls gunning for big $8000 return

Bitcoin price is trading in negative territory, down 0.50% in the second half of the session.
BTC/USD bulls are running at seven straight days in the green, as the move higher continues.
The next major barrier is viewable at the psychological $8000 mark.

Ken Chigbo Independent Analyst

BTC/USD daily chart

Bitcoin bulls completed another session in the green, marking seven consecutive, with no slowdown in sight. Eyes are now on the big $8000 price mark.

BTC/USD 60-minute chart

A critical near-term trend line can be seen supporting the price in its move north via the 60-minute chart view.

Spot rate: 7741.60

Relative change: -0.60%

High: 7795.83

Low: 7672.18

BTC/USD

Overview
Today last price	7735.63
Today Daily Change	-54.07
Today Daily Change %	-0.69
Today daily open	7789.7

Trends
Daily SMA20	7155.51
Daily SMA50	6689.58
Daily SMA100	7989.62
Daily SMA200	7968.65

Levels
Previous Daily High	7805.03
Previous Daily Low	7637.51
Previous Weekly High	7765.01
Previous Weekly Low	6754.64
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7741.04
Daily Fibonacci 61.8%	7701.5
Daily Pivot Point S1	7683.13
Daily Pivot Point S2	7576.57
Daily Pivot Point S3	7515.62
Daily Pivot Point R1	7850.65
Daily Pivot Point R2	7911.6
Daily Pivot Point R3	8018.17

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Stellar Price Forecast: XLM slips below $0.22 as bearish momentum builds

Stellar (XLM) price is trading below $0.22 at the time of writing on Wednesday after failing to close above the key resistance earlier this week. Bearish momentum continues to strengthen, with open interest falling and short bets rising.

Pi Network Price Forecast: PI struggles to rebound amid muted demand

Pi Network (PI) edges higher by almost 1% at press time on Wednesday, bouncing off the $0.2000 level after a four-day decline. The recovery lacks momentum as the social interest surrounding Pi Network declines. Technically, PI is at a crossroads, struggling for a rebound as momentum is lacking.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risks as breakout attempts falter

Bitcoin Price Analysis: BTC/USD bulls gunning for big $8000 return