RATE Group | Bitcoin Price & Time: Bulls Aiming $7.8K and $8K
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Bitcoin Price & Time: Bulls Aiming $7.8K and $8K

05 Jan Bitcoin Price & Time: Bulls Aiming $7.8K and $8K

Posted at 05:24h in Bitcoin News by

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  • After a downside correction, bitcoin price found support near $6,860 against the US Dollar.
  • The price is currently rising and trading nicely above the $7,400 resistance.
  • There was a break above a major declining channel with resistance near $7,345 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to continue higher towards the $7,800 and $8,000 resistance levels.

Bitcoin price is showing a lot of bullish signs against the US Dollar. BTC bulls are in control and it seems like they are aiming a test of the $8,000 resistance.

Bitcoin Set to Rise Further

This past week, bitcoin extended its downside correction below the $7,200 support area against the US Dollar. BTC price even broke the $7,000 support and the 100 simple moving average (4-hours).

However, the $7,860 area acted as a strong support and prevented further losses. A low was formed near $6,859 and the price recently started a strong upward move. It surpassed the $7,000 and $7,200 resistance…

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