TRENDING:
ISM Services PMI
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

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.
Bitcoin Price Analysis: The bitcoin bulls have 8K in thier sights
Rajan Dhall, MSTARajan Dhall, MSTAFX 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.

Bitcoin 8K

Additional levels

BTC/USD

Overview
Today last price7538.3
Today Daily Change44.39
Today Daily Change %0.59
Today daily open7493.91
 
Trends
Daily SMA207037.81
Daily SMA506781.72
Daily SMA1008037.39
Daily SMA2007977.76
 
Levels
Previous Daily High7765.01
Previous Daily Low7032.13
Previous Weekly High7216.69
Previous Weekly Low6466.49
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7485.05
Daily Fibonacci 61.8%7312.09
Daily Pivot Point S17095.69
Daily Pivot Point S26697.47
Daily Pivot Point S36362.81
Daily Pivot Point R17828.57
Daily Pivot Point R28163.23
Daily Pivot Point R38561.45

Author

Rajan Dhall, MSTA

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

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Ripple and Stellar outlook: XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple and Stellar outlook: XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple and Stellar show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages.

Crypto Overview: Bitcoin holds steady, resonates with Gold – ARB, PYTH extend gains

Crypto Overview: Bitcoin holds steady, resonates with Gold – ARB, PYTH extend gains

Bitcoin price hovers above $77,000 on Thursday, losing bullish momentum as its correlation with Gold has risen to nearly 50% over the last 90 days. Arbitrum and Pyth Network recorded double-digit gains over the last 24 hours, emerging as top performers.

Bitcoin holds $63K and $86K range as profit-taking risk builds

Bitcoin holds $63K and $86K range as profit-taking risk builds

Bitcoin's recovery faces growing resistance as the market trades between a major accumulation zone below current prices and a dense concentration of potential supply overhead, according to a Glassnode report published Wednesday.

Robinhood Chain hits record daily fee revenue, boosts Arbitrum

Robinhood Chain hits record daily fee revenue, boosts Arbitrum

Robinhood Chain generated a record $3.75 million in daily fees on Tuesday, making it the third-highest of the day behind Uniswap (UNI) and Pons, according to data from DeFiLlama. The figure marked the network's fourth consecutive day of record daily fee revenue and its highest single-day total since launching its mainnet on July 1.
Bitcoin: Billions in ETF inflows push BTC toward decisive breakout

Bitcoin: Billions in ETF inflows push BTC toward decisive breakout

Bitcoin (BTC) extends gains so far this week, trading near $80,000 after testing the 50-week Simple Moving Average (SMA) at $81,114 earlier. Strong institutional demand is supporting the rally, with spot BTC Exchange Traded Funds (ETFs) on track to record a second consecutive week of billion-dollar inflows.