Bitcoin Price Analysis: BTC/USD awaits explosive triangle breakout targeting $8,000
|- Bitcoin price steps above $6,500 but lacks momentum to sustain gains towards the coveted $7,000 level.
- All technical indicators align in support of the buyers who look forward to a rising triangle breakout to $8,000.
Bitcoin price bearish action over the weekend embraced the rock-solid support at $5,800, averting possible losses to $5,000. Recovery on Monday overcame several resistance levels including $6,200 and $6,400. BTC/USD also stepped above the key $6,500 zone but formed an intraday high at $6,525. The largest cryptocurrency has adjusted downwards to trade at $6,442. Intriguingly, the trend remains strongly bullish but the volatility is low due to reduced trading volume.
BTC/USD daily chart
Bitcoin price inches closer to the resistance at $6,500 amid calls for gains towards the psychological $7,000. Technical indicators such as the RSI and the MACD have aligned in support of bullish action in the current and coming sessions. However, low trading activity keeps dragging the buyers behind.
BTC/USD has a chance at tackling the resistance at $8,000 as long as it can rise above the triangle resistance at $7,000. The moving averages show that despite the current picture being positive, a cloud of selling pressure still hovers in the market especially if the 50-day SMA continues to widen the gap below the 200-day SMA.
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