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

Bitcoin's rally gets traction, $8,000 within reach?

  • BTC/USD bulls managed to engineer a sharp recovery.
  • A move above $8,000 will be pivotal for further momentum.
Bitcoin's rally gets traction, $8,000 within reach?
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) recovery has gained traction on Sunday. The first digital coin is changing hands at $7,435 at the time of writing; however, the upside momentum remains strong, which means Asian traders may wake up on Monday to see bitcoin and a new December high. BTC/USD has grown by 3.5% on a day-to-day basis and 4% since the beginning of the day.

All major altcoins are demonstrating similar momentum. ETH/USD has settled above $132.00, XRP/USD is exploring territory above $0.1900.

BTC/USD: technical picture

From the long-term post of view, BTC/USD used 61.8% Fibo retracement as a jumping-off ground and moved above the middle line of the daily Bollinger Band at $7,230. As the momentum gained traction, the price cleared both $7,300 and $7,400 barriers with the next hurdle located at $7,650 ( the upper line of the daily Bollinger Band) and $7,800 ( SMA50 (Simple Moving Average) daily). A sustainable move above this barrier will bring $8,000 into focus.

Meanwhile, according to a famous cryptocurrency technical analyst Joe Roger, this is a basic level for reversal.

BTC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple Price Forecast: XRP recovery dims as demand cools

Ripple Price Forecast: XRP recovery dims as demand cools

Ripple (XRP) maintains narrow range trading on Monday, with support at $1.10. The token's upside remains largely constrained, as major moving averages trend downward, aligning with low demand in both the institutional and retail markets.
Crypto Today: Bitcoin, Ethereum, XRP hold key support as US and Iran agree to halt strikes

Crypto Today: Bitcoin, Ethereum, XRP hold key support as US and Iran agree to halt strikes

Bitcoin (BTC) maintains a neutral-to-bullish outlook, trading above $65,000 on Monday. Ethereum (ETH) is approaching the key supply and inflection point $2,000, while Ripple (XRP) hovers slightly above $1.10, underscoring a marginal improvement in the broader cryptocurrency market sentiment.
Shiba Inu Price Forecast: The three factors driving SHIB's mystery rally

Shiba Inu Price Forecast: The three factors driving SHIB's mystery rally

Shiba Inu (SHIB) price is down 3% on Monday, reflecting a potential profit-driven pullback after rising over 25% over the last two days. The mystery rally in SHIB has outpaced the minor recovery seen in other meme coins, with data suggesting it is linked to supply burns, the Korean market demand, and ecosystem expansion.
Bitcoin options traders are dropping their hedges going into the Fed meeting

Bitcoin options traders are dropping their hedges going into the Fed meeting

Bitcoin's options market has turned notably less defensive over the past month, unwinding the downside protection traders built up in June just as the Federal Reserve prepares to meet.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.