Bitcoin Price Analysis: BTC/USD finally breaks past $8,000

BTC/USD crossed $8,000 for the first time since July 2018. As the Monday markets opened, BTC/USD was hovering around the $7,000-range. For the next ten hours, the price trended horizontally, only to creep up to $7,100. After that, the market got a surge of bullish momentum, and over the six hours, the price ballooned up to $7,900. Soon after that, the bears entered the market, and BTC/USD went through a period of consolidation. However, the Bulls overwhelmed the bears and were finally able to break past the $8,000 barrier. As of now, BTC/USD is trading for $8,107.

BTC/USD Daily Chart

• The last three sessions of BTC/USD in the daily chart took the price above the upper curve of the 20-day Bollinger band.
• The widening of the Bollinger band shows increasing market volatility.
• The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The signal line has diverged away from the MACD (moving average convergence divergence) line showing increasing bullish momentum.
• The Elliot Oscillator shows 12 consecutive bullish sessions with increasing intensity.
• The Relative Strength Index (RSI) indicator is currently trending at 85.75. Earlier when it trending around this range (marked by a circle in the chart above), the price of BTC/USD went down.
• On the upside, BTC/USD needs to break past resistance at $8,350 to possibly aim for the $10,000-level.