BTC/USD is has topped $8,000, surging some 5% on the day from a low close to $7,500.
On its way up, Bitcoin has broken resistance at $7,870 and is eyeing the next levels. Here is what Tomas Salles explains in his analysis:
Above the current price, the first resistance level is at $7,870 (price congestion resistance), then the second resistance level is at $8,025 (price congestion resistance). The third resistance level for the BTC/USD pair is at $8,175 (price congestion resistance and long term down channel trendline ceiling).
Other cryptocurrencies are following. Ethereum is trading around $242 and XRP is getting close to $0.40.
Here is the move on the BTC/USD 15-minute chart:
There has been no clear trigger for the recent surge that follows the downward correction. Some have attributed the slide to the improving sentiment in stock markets – the US and Mexico reached an accord that results in no new US tariffs.
Zooming out from intraday moves, cryptos have been trading in a broad range after the sharp rises seen in April and in May.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.