Last night, after several days of battling $7,600 resistance since Friday’s touch, BTC is seeing serious volume push it towards $7,700. With this recent burst, our analysis sees Bitcoin potentially pushing for the $8,000 barrier (and beyond)?
Things Have Been Getting Warmer
In recent days, we’ve witnessed the market on a slow uptrend. A new month and a half high was hit towards the beginning of this past weekend. During this new trend upwards, Bitcoin is testing some interesting areas around $7,700. Back in June, we saw it scrape that level, but not push through. If momentum can push BTC through $7,700, we could see a touch of $8,000 sooner then later. Though that will be a tough level ($8,000) of resistance to push through, if BTC can muster enough energy, it may be able to continue north towards $8,100.
It’s tough to tell how Bitcoin will react to several recent positive and negative news articles over the last week. Though, Sunday night’s price and volume gushing appears nice on the outside, there could be several sharp pullbacks after spiking.
Currently, our analysis sees levels potentially holding around $7,600. A break from that level could see BTC retrace to around the $7,300 level before settling between $7,250 and $7,350. $7,000 could end up being strong psychological support as we have yet to drop to those levels over the past 5 day span.
There is serious market sentiment that this is just the beginning of something bigger. Last November, BTC hit $8,000 for the first time in its history. From there, it made an epic move towards a ceiling near $20,000 in December, 2017. The last time BTC broke the $8,000 barrier, we saw an explosion to $9,600 in roughly 3 weeks.
What Can We Potentially Look Forward To?
Where will this momentum take the largest cryptocurrency by market cap? If $8,000 gets broken down soon, we could see serious volume flow into Bitcoin over the next week (and possibly beyond). Are institutional investors looking for involvement? With Coinbase’s recent news about potentially gaining broker-dealer status (and then not), will others (like Circle) try to pave the way as top dog crypto dispensaries with SEC and FINRA backing? Only time will tell.
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