RATE Group | Bitcoin Price is Primed For Upsurge to $8,000 And Only 1 Thing is Holding it Back
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Bitcoin Price is Primed For Upsurge to $8,000 And Only 1 Thing is Holding it Back

23 Apr Bitcoin Price is Primed For Upsurge to $8,000 And Only 1 Thing is Holding it Back

Posted at 04:02h in Bitcoin News by

Bitcoin is up close to 4% and it broke the key $7,000 resistance zone against the US Dollar. BTC price is likely to surge towards $8,000 if it clears the $7,280-$7,300 resistance zone.

  • Bitcoin remained well bid and it started a fresh increase above $7,000 against the US Dollar.
  • The bears failed to push the price below the $6,750-$6,800 support zone.
  • There was a break above a major bearish trend line with resistance near $7,035 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate towards the $8,000 level if it successfully clears the $7,280-$7,300 hurdle.

Bitcoin Showing Bullish Signs

Yesterday, bitcoin bears made a couple of attempts to push the price further lower below $6,800 against the US Dollar. They failed and it resulted in a bullish reaction in BTC above the $6,950 and $7,000 resistance levels.

The price even settled above the $7,000 level and the 100 hourly simple moving average. There was a clear break above the 50% Fib retracement…

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