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:
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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.
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