RATE Group | Bitcoin may extend the growth to $8,500 and here is why
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Bitcoin may extend the growth to $8,500 and here is why

07 Jan Bitcoin may extend the growth to $8,500 and here is why

Posted at 12:31h in Bitcoin News by

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  • BTC/USD bulls stopped short of $8,000.
  • The price settled above SMA50 weekly.
  • A combination of technical and fundamental factors may drive BTC higher.

Bitcoin has settled above SMA50 weekly for the first time since the beginning of December. If the coin holds the ground, we may see another bullish leg towards $8,500 in the nearest future.

At the time of writing, BTC/USD is changing hands at $7,859. The first digital coin stopped within a whisker of psychological $8,000 before the technical correction pushed it back below $7,900. Bitcoin gained over 4% in recent 24 hours and 1.2% since the beginning of the day. Notably, Bitcoin has been growing strongly since January 3 and printed the fifth bullish candle in a row amid strong upside momentum.

Why Bitcoin is growing?

Iran-US tensions tops the list of possible Bitcoin bullish drivers. While opinions divided on this matter, the escalation may have had at least an indirect influence on the cryptocurrency…

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