RATE Group | Bulls gathering pace for a test of $8,000
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Bulls gathering pace for a test of $8,000

05 Jan Bulls gathering pace for a test of $8,000

Posted at 07:27h in Bitcoin News by

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  • Bitcoin extends recovery gains, $7,500 mark tested.
  • Bullish reversal displayed on daily chart, calls for further upside.
  • BTC/USD rises for the first time above 50-DMA since Nov. 15.

The BTC buyers are back this Sunday with great pomp and show, after a brief phase of upside consolidation seen on Saturday. Bitcoin (BTC/USD), the most favorite cryptocurrency, attempted to take out the 7,500-handle last hour, having resumed its Friday’s recovery momentum. At the press time, the spot reverses from weekly tops of 7,491.15 to trade near 7,450 region, gaining 2% over the last 24 hours while up nearly 1.50% on a weekly basis. Its market capitalization increases to $136.16 billion vs. $ 133.73 billion seen during Saturday’s mid-European hours.

Markets remain optimistic on the No. 1 coin despite the major US-Iran geopolitical escalation that led to a big wave of a fight to safety across the financial market on Friday.

Technical Overview

BTC/USD daily chart

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