The bulls finally managed to get bitcoin (BTC) above $ 8,000. Bitcoin traded in a relatively small range last week with fluctuations of no more than $ 600. Now the bulls seem to regain strength to possibly push the course further up.
At the time of writing, the price of bitcoin (BTC) is $ 8,128.47 on CoinMarketCap after the rate rose 1.8% in the last 24 hours. Bitcoin’s market capitalization comes to $ 144.3 billion. Against the total market capitalization of $ 262.3 billion, this means a bitcoin dominance of 55%. A decrease compared to yesterday, which is mainly the result of the increases observed by ethereum (ETH) in the last 24 hours.
Bitcoin traded for more than a week in a range of $ 7,500 to $ 8,100. The area between $ 8,000 and $ 8,100 turned out to offer great resistance after the BTC rate rebounded several times. Yesterday early in the morning the race arrived again at this resistance area.
The price initially rebounded, after which it continued to trade just below this resistance area for most of the day . However, bitcoin began to break through at the end of the afternoon. After reaching the $ 8,048 at Coinbase, the rate seemed to slow down again, but bitcoin started a big sprint shortly thereafter.
It eventually reached a peak of $ 8,221. After this peak, the rate started to consolidate with a slight downward trend in the short term. Over the last few hours, the exchange rate found support at around $ 8,065 making it appear that the resistance area is now serving as support. Another test of this support would confirm this statement.
Bitcoin currently forms a symmetrical triangle pattern on the 1-hour graph. In view of the recent movement, it is possible that the course again breaks out at the top. The resistance of this pattern is around $ 8,200. If this resistance level is breached, there is a chance of further price increases.