Bitcoin’s Price Sets Sights on $8K After Sunday Sell-off

Bitcoin’s price continues to hold ground amid a market sell-off, with growing momentum building to take out its next target of $8,000.

The world’s largest cryptocurrency by market capitalization fell 3 percent over the weekend, hitting $7,333, according to Bitfinex data, after a quick sell-off from investors dragged down market prices.

As it turns out, bitcoin is slowly regaining and consolidating its losses to stand at $7,637.38 as of press time. The crypto shows strong signs of a steady recovery to retest the upper resistances found at $7,575 and $7,694 (the market’s previous close and the previous high).

The previous exponential moving average (EMA) bull cross, last seen yesterday, foretold a bullish break above the previous resistance at $7,370, which saw prices rise three percent, paving the way for the sell-off that occurred just hours ago.

However, if the current momentum continues, expect the 55-period-EMA (red) to cross the short-term averages (8,21) once more,…