The price of Bitcoin (BTC) hit another high at $ 7,863 as traders continue to push for a breakout of resistance at $ 8,000.
With only 13 days to go before the mining reward, investors hope that the highest-ranked cryptocurrency on CoinMarketCap can at least exceed the 100-day and 200-day moving average (at $ 8,000) in order to tackle another level key resistance at $ 8,500.
Daily crypto market price table. Source: Coin360
Recently, Cointelegraph contributor filbfilb explained that “breaking the confluence of resistance at $ 8,000 will be a major challenge for the bulls”.
BTC USD daily chart. Source: TradingView
But the crypto trader also released the above chart and tweeted that there is:
Ridiculously tight group of AM above; 100-DMA, 200-DMA, 20-WMA, annual VWAP, 61.8% retracement, annual pivot. Yet Bitcoin apparently persists to find out more. The tightening of the PA will cause expansion / volatility. I prefer a look up and then we will see .. the attention time.
Currently, Bitcoin bulls are fighting to maintain the $ 7,800 mark and a push above $ 7,968 would push the price through the Fibonacci retracement to 61.8% and the moving average at 100 and 200 days.
Such a move seems likely to happen at some point this week and as many crypto Twitter analysts have discussed, the price is expected to be rejected at $ 8,000 or $ 8,500. Tuesday, crypto trader Micheal van de Poppe warned this:
Events like halving could trigger an increase in the level of FOMO by people and the media. However, once people realize that the event has no short-term impact, sales pressure will also be strong. Stay calm and have a plan for half.
In the event that the price of Bitcoin rejects nearly $ 8,000, the price should drop back to $ 7,750 and if that level doesn’t hold up, the next support is at $ 7,600.
Bitcoin daily price table. Source: Coin360
Altcoins also jumped alongside Bitcoin, approaching $ 8,000. XRP jumped 8.51%, Litecoin (LTC) by 4.61% and Tezos (XTZ) by 2.31%.
The overall cryptocurrency market capitalization now stands at $ 225.6 billion and Bitcoin’s dominance rate is 63.7%.
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