Bitcoin price analysis: BTC/USD settles marginally above $8,000; no reaction to risk-aversion

  • Bitcoin consolidates marginally above key technical levels.
  • Brian Kelly comes out with positive forecasts.

Bitcoin stays at 61.8% Fibonacci retracement level amid the quiet start of European trading session. Ani-task sentiments caused by airstrikes at Syria produced little effect on cryptocurrency universe, where different factors are considered to be market movers. Now we are waiting for April 17, to see whether the final day of US tax reporting will produce another catalyst for Bitcoin and prove Tom Lee's theory.

Meanwhile, Brian Kelly, BKCM CEO, compared Bitcoin with internet in the 1980s, during the interview with CNBC. He is sure that the digital asset and the technology it is based on will eventually become a game changer.

“I think this technology is going to work, it’s going to be game-changing, but it’s very early days so that we can have this massive volatility.”

At the same time, he stressed that it is wrong to treat Bitcoin as a company or a stock as it is open-source software that anyone can use.

Bitcoin price technical picture

BTC/USD is trading at $8,133, marginally above  61.8% Fibo at $8,100 and psychological $8,000 and below 50-EMA (hourly interval). The price needs to climb above $8,200 as soon as possible to regain short-term bullish momentum and get a chance to retest early Asian high at $8,409.  Once $8,000-$7,900 is cleared, the downside may be extended towards 200-EMA (hourly interval) at $7,630 and $7,500.

BTC/USD, the hourly chart

BTC/USD, the hourly chart


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