After a long period of side trading, Bitcoin and aggregated cryptography markets rebounded sharply today: BTC actually broke through the previously high resistance level of USD 8,000.
Although this uptrend is certainly on the rise, Bitcoin still faces some resistance around the $ 8,200 mark – but going above this level could quickly bring cryptocurrency back to $ 8,700.
Best upward momentum – Bitcoin breaks the $ 8,000 mark
At the time of writing, Bitcoin is trading at the current price of $ 8,170, a significant improvement over its daily low levels of less than $ 7,800.
Since the beginning of the month, BTC has struggled to return to the $ 8,000 region and seems to be forming a consolidation plan that some analysts planned to pursue in the near future.
However, the current uptrend seems to be an extension of the upward momentum that has driven almost every cryptographic currency in recent months – and which could ultimately allow BTC to continue to grow.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke of the importance of the recent BTC hike and said a break above $ 8,200 could allow him to reach $ 8,700.
Previously, Bitcoin was subject to strong selling pressures in the top $ 8,000, which should significantly reduce buying pressure.
Will Bitcoin be even higher soon?
The recent uptrend may not be surprising for some analysts, with some noting that BTC was forming a diamond pattern that could have been a symbol of reversal. And this allows cryptocurrency to reach new heights for the year.
Jonny Moe, popular cryptocurrency analyst, discussed this aspect in a recent tweet explaining that bitcoin could reach $ 9,000.
Possibility of diamond formation on $ BTCDiamonds can be delicate because the shape can change.
Can get out of consolidation one way or the other, but it is usually a reversal of the trend that would bring us back to the top $ 8,000. pic.twitter.com/d7lG0lwAod
– Jonny Moe (@JonnyMoeTrades) June 12, 2019
Well, the momentum seems to be back – and according to Bitcoin's reaction to its next level of resistance, around $ 8,200, investors should soon have a better idea of where the markets will go.
Proof of text: bitcoinist