Bitcoin Price Analysis: The bitcoin bulls have 8K in thier sights

Bitcoin trades 0.61% higher on Friday but the bulls fail to capitalise of Thursday's gains.
The price seems to be stalling at the 38.2% Fibonacci retracement level.

Rajan Dhall, MSTA FX Daily

BTC/USD daily chart

Bitcoin is still looking positive on Friday despite the bulls not pushing above the high seen yesterday. The price looks like its heading toward some more serious resistance zones including the 200 daily simple moving average, which incidentally is placed close to the 8K psychological level.

Looking at some of the other technical levels now, the relative strength index indicator is also trading above the 50 mid-line positive territory. There is also space for the indicator to move higher as it has not reached the overbought zone yet. The volume is still looking a little bit light so if there is to be a break higher it would be good to see an increase. Lastly, if there is to be a move up, the black trendline could act as a resistance zone as it has halted one other move in the past.

Additional levels

BTC/USD

Overview
Today last price	7538.3
Today Daily Change	44.39
Today Daily Change %	0.59
Today daily open	7493.91

Trends
Daily SMA20	7037.81
Daily SMA50	6781.72
Daily SMA100	8037.39
Daily SMA200	7977.76

Levels
Previous Daily High	7765.01
Previous Daily Low	7032.13
Previous Weekly High	7216.69
Previous Weekly Low	6466.49
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7485.05
Daily Fibonacci 61.8%	7312.09
Daily Pivot Point S1	7095.69
Daily Pivot Point S2	6697.47
Daily Pivot Point S3	6362.81
Daily Pivot Point R1	7828.57
Daily Pivot Point R2	8163.23
Daily Pivot Point R3	8561.45

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

Markets move fast. We move first.

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

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

BTC/USD daily chart

Additional levels

BTC/USD

Legal Text

Markets move fast. We move first.

Editor's Picks