fxs_header_sponsor_anchor

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 (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

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.