Bitcoin Price Rebound: This morning, BTC bounced back above $8,000, peaking at $8,582.93. It was able to test a previously established resistance level of $7,200; in fact, this price is very close to BTC’s lowest point today.
More Upside For BTC?
As the chart below shows, BTC is slowly moving back up following almost a month of declines. Earlier today, a major bullish trend was formed around market open and took BTC price to its daily high of $8,582.93.
The price drop that occurred afterward was small in scale compared with those that occurred over the past few days. Now, BTC is able to hold a support at around $8,000, and another potential bullish line is forming at the time of writing.
In terms of technicals, although the MACD graph does not show any potential crossovers, there’s no bearish sign in the offing. The 23.6% Fibonacci retracement level is approximately $5,508.47, but we can safely assume that BTC won’t take a dive into that territory.
Investors now need to observe whether BTC can hit $8,300 within the next hours to determine whether this new bullish trend could materialize.
Looking at the Technical Indicators:
- Volume — volume has been steady, and each spike in volume has resulted in an upward movement in BTC price
- MACD — no bearish signals sent by the MACD and signal lines
- New Resistance Level — $8,300
- New Support Level — $8,000
Featured Image: twitter