Bitcoin (BTC) Price Springs Up: Bulls Now Target $8,000

This past week, bitcoin price started a strong upward move after it broke the $5,800 resistance against the US Dollar. The BTC/USD pair surpassed many hurdles near $6,000, $6,200 and $6,400. The recent upward move was such that the price even broke the key $6,850 and $7,000 resistance levels. Finally, there was an upsurge above $7,200 and the price settled well above the 100 simple moving average (4-hours). The price traded to a new 2019 high at $7,457 and recently corrected lower.

It traded below the $7,200 level, and the 23.6% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. The price even spiked below the $7,000 level, but the $6,850 level acted as a support. BTC price tagged the 50% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. There was a sharp bounce after the price tagged the $6,850 level. There is also a major bullish trend line in place with support at $6,750 on the 4-hours chart of the BTC/USD pair.

The pair is back above the $7,000 level and it seems to be preparing for more gains. An immediate resistance is at $7,220, above which the price may test the $7,350 level. Any further upsides could take the price towards the $7,500 resistance level. Above $7,500, the next key target for the bulls could be $7,800 or even $8,000.

Reference: https://www.newsbtc.com/2019/05/12/bitcoin-btc-price-bulls-target-8000/

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