Tag: 8K

Bitcoin Risks Falling to $8K Ahead of June Due to These Technical Factors

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Bitcoin price fell 9.9 percent last week to log its most significant decline since the second week of March 2020. The cryptocurrency rebounded higher in Europe and Asia session Monday after testing interim support near $8,750. The jump accompanied thin volume, raising the possibilities of a negative breakout ahead of June. Bitcoin was trading in positive territory this Monday after closing its last week in severe losses. The top cryptocurrency surged 0.68 percent to $8,775 in an attempt to restore its short-term bullish bias. The small gains followed a more…

These Surprising Factors Suggest Bitcoin Could Dive Further Towards $8K

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Bitcoin failed to recover above the $9,500 resistance and declined sharply against the US Dollar. BTC price is now trading below key supports, suggesting more downsides towards $8,200 or $8,000. Bitcoin is down more than 4% and it is now trading well below the $9,000 level. The price traded as low as $8,642 and it is currently well below the 100 hourly simple moving average. There was a break below a key bullish trend line with support at $9,200 on the hourly chart of the BTC/USD pair (data feed from…

15% Correction Drops Bitcoin Price to $8K Two Days Before BTC Halving

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At 12:40 A.M. UTC time Bitcoin (BTC) price dropped from $9,574 to $8,112 in the course of 15 minutes.  The 15.30% drop came after the top ranked digital asset on CoinMarketCap struggled to reclaim the $9,800 support after falling below the support which formed the base of a bull pennant and was also aligned with a high volume node on the volume profile visible range indicator.  Crypto market weekly price chart. Source: Coin360 The unexpected drop is likely to have caught many traders off guard and data from Skew shows…

Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K

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Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200. Bitcoin is facing an increase in selling pressure below $9,200 and $9,000. The price is trading below the 100 hourly simple moving average and it could dive towards $8,400. There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but…

Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K

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Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200. Bitcoin is facing an increase in selling pressure below $9,200 and $9,000. The price is trading below the 100 hourly simple moving average and it could dive towards $8,400. There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but…

Why Bitcoin Hit $8k Ahead of FOMC Update, Wiping Out Coronavirus Losses

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Bitcoin closed above $8,000 this Wednesday, wiping all its Coronavirus-induced losses from mid-March. The cryptocurrency’s move uphill came ahead of Jerome Powell’s press conference at 1430 ET today. The Federal Reserve chairman is likely to discuss strategies to tame the contracting economy, with investors expecting him to keep the interest rates lower. Bitcoin jumped above $8,000 for the first time in almost two months as investors braced for the Federal Reserve’s views on the health of the U.S. economy. The bitcoin-to-dollar exchanged surged 5.52 percent to top at $8,180 on BitMEX,…

Bitcoin Hits $8K Erasing Coronavirus Crash — 13 Days Till Halving

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Bitcoin (BTC) price finally hit $8,000 on April 29 as a solid week of gains continued to buoy markets. Cryptocurrency market daily overview. Source: Coin360 BTC price returns to $8,000 Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD breaking the $8,000 after a seven-week absence. The move firmly reverses Bitcoin’s crash in mid-March, when the cryptocurrency shed 60% in a day to plumb 15-month lows of $3,600. Bitcoin 1-day chart. Source: CoinMarketCap At press time, the new levels had yet to cement themselves amid short-term volatility, with highs on exchange…

Bitcoin Pre-Halving Price Rally Continues to $8K With New Higher High

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Bitcoin (BTC) price has secured another higher high at $7,863 as traders continue to press for a break of the resistance at $8,000.  With just 13 days left before mining reward halving investors are hopeful that the top-ranked cryptocurrency on CoinMarketCap can at least break above the 100-day and 200-day moving average (at $8,000) in order to tackle another key resistance level at $8,500.  Crypto market daily price chart. Source: Coin360 Recently, Cointelegraph contributor filbfilb explained that “breaking the confluence of resistance at $8K will be a tall order for…

Bitcoin Is Losing Bullish Momentum: Technicals Show A Correction At $8K

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Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term. Bitcoin is showing signs of exhaustion above $7,500 and $7,600 against the US Dollar. The bears are likely to put a strong fight near the $8,000 resistance area. There is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could spike towards the $8,000…

2 Key Technical Reasons Why a Bitcoin Rally to at Least $8K Is Likely

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The Bitcoin (BTC) price has seen a strong rebound from $6,800 to $7,600 within a four-day span, recording a 12% increase. Two technical factors are likely to push BTC to $8,000 in the near-term as traders anticipate a strong weekly close. In the upcoming days, the 200-day simple moving average (SMA) found at just over $8,000 and an ascending triangle forming could push the Bitcoin price to the $7,900 to $8,000 range in the short-term. 200-day SMA and Ascending Triangles are Strong Technical Indicators For Bitcoin The 200-day SMA, also…