Bitcoin is expected to cross $8,000 mark this week despite the mass sell-off experienced on Sunday which had BTC trading at $7,333 losing over 3%, however, as of this morning, the coin has bounced back gaining over $3.41% and its currently trading at $7,655 which is a good start of the week.
The top crypto coin is showing strong signs of recovering steadily and has already surpassed the $7,575 resistance found earlier and now it’s on its way to retest another resistance that was found at $7,694 (the previous high).
The 100 (Simple Moving Average) SMA is still below the long-term 200 SMA which suggests there is a chance the price can follow the path of least resistance which is on the downside (another sell-off), however, as we are witnessing this morning, a break past the $7,600 level is likely to push the price of BTC to the next dynamic resistance point at the 200 SMA which is near $9,000.
It’s to be noted that the coin’s triangular pattern plays in between $6,500 and $12,500 and the break is expected to match the same height.
As we saw last week, almost all crypto coins had strong performances and crypto optimists hope the same trend can be maintained this week.
Another reason for bullish sentiment is the increased trading volume which has surpass the previously hourly total that was 972 million and now it currently stands at 1.379 million according to data from Bitfinex.
However, if the BTC bulls are unable to keep the same amount of volume going in the next few hours then expect the prices to stagnate as the price action and buying come to a halt.
But, if what we witnessed last week is to be replicated this week then crossing the $8,000 mark won’t be a problem.
Now that Bitcoin is expected to cross $8,000 mark, can BTC bulls push its price to higher levels? Share your thoughts in the comment section below.