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.

Tanya Abrosimova Independent 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

Independent Analyst

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest

Bitcoin, Ethereum and Ripple continue to exhibit subdued volatility, consolidating within narrow ranges at the time of writing on Monday. Persistent low retail participation and weak technical structures limit the chances of any extended upside price movements.