Bitcoin Price Analysis: BTC Price Prepares For $8K By Breaking $7700 Mark

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • BTC/USD price has finally crossed the price mark of $7700 indicating bulls are marching for $8k. 
  • Bitcoin’s current price now is at the level of $7720.
  • The bulls are providing the largest crypto asset positive momentum in the market which can be able to cross above $8k mark. 
  • However, BTC’s bullish momentum was getting reversals from the major resistance level of $7500.

Capture
Source: Coinmarketcap

On a 7day-weekly chart, Bitcoin started with a support level of $6800. However, it gained significant positive momentum and had a closing of $7,500 on April 23rd, 2020. The closing price acted as a major resistance level which indicated that BTC can face severe downtrend. The bears performed as expected and BTC went down to the level of $7100.

It is expected that the bulls for BTC are for a longer duration as it can sustain the mark in today’s market. The current price of BTC is $7723.90 with a positive movement of 1.60%. The market capitalization is $141,331,572,752 with volume traded of $37,072,848,934. The current circulating supply is 18,289,625 BTC. The market dominance for BTC in the cryptomarket remains at 63.80%.

Bitcoin (BTC) Price Analysis

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Source: Tradingview

Fib retracement levels show that BTC has been able to sustain above the level of 0.618 and further aiming to reach the level of 0.786 which is a major indicator for a bullish move. The symmetric triangle was also broken positive by BTC bulls.

The MACD levels have reached a bullish zone, which is a positive sign for BTC bulls. The 24hour-RSI is reaching at the bullish level of 60. The 24hour-CCI nearly touched the overbought region but had negative divergence which indicates that bulls can maintain sustainability over the price level

Overall, If Bitcoin can cross the price level above $8k mark and with the positive movement, the bulls will again face a major resistance level of $8500.

Resistance levels: $7800 and $8000

Support Levels: $7650 and $7400

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