RATE Group | Bitcoin Price Rallies 5.5% to $8K – Is $8.2K the Next Stop?
74873
post-template-default,single,single-post,postid-74873,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Rallies 5.5% to $8K – Is $8.2K the Next Stop?

07 Jan Bitcoin Price Rallies 5.5% to $8K – Is $8.2K the Next Stop?

Posted at 09:28h in Bitcoin News by

[ad_1]

On Monday during the U.S. evening trading session, Bitcoin (BTC) price continued its rally from $7,358 and at the time of writing the price pushed as high as $8,000. For the past week, traders have been closely watching to see if Bitcoin could flip $7,450 from a resistance to support and many suggested that sustained move above $7,600 would open the door for a shot at the $8,000 to $8,200 range. 

The 4-hour close above $7,600 pulled the price above the 50-day moving average (MA) and provided bulls with enough confidence to push the Bitcoin to set a daily higher high not seen since Nov. 21 when the asset traded for $8,122.

Cryptocurrency market daily overview. Source: Coin360

Currently, Bitcoin price is closing in on the 200-day moving average (MA) and this point is also within $40 of the main trendline of the long-term descending channel which formed when Bitcoin topped out at $13,800 on Jun. 26. 

Traders will be keeping a close eye on this zone as the price has experienced multiple…

[ad_2]

Source link

Tags:
, , , , , ,