The number one digital coin in the world, Bitcoin, is consolidating with the latest price increase past the $7,500 level as we approach the key barrier level of $7,600. Currently, Bitcoin is trading above the price level of $7,500 mark, with a further breakthrough above the last critical barrier that could be challenged near the $7,600 area. After this the coin will accelerate its bullish momentum as soon as the aforementioned resistance becomes clear. All eyes remain on the threshold of $8,000 amid the absence of corresponding resistance in the north. The path of least resistance remains up, as several strong support levels add up if the bears take control.
However, if you do not follow crypto, you can say that this is just the first year of the third decade in the third millennium. But if you know what is happening in the world of cryptography, you can describe it differently: this is the first week of the year of the third Bitcoin halving, and this is very important. In each previous crypto halving, prices followed a special pattern: they held firm and rallied before they were halved, they took off after they were halved, this is also the picture that we saw in the current period. The markets continued their path of lateral consolidation, which was also the dominant trend in the last few weeks of 2019.
In general, we continue to observe further side effects in the short term, after which the next months will improve. To begin with, most coins are as of now exchanging at or close to their ongoing lows. Secondly, all this is part of the preparations for the upcoming halving of Bitcoin in May this year, which is likely to become a positive catalyst – not only for Bitcoin but also for crypto assets in general.
BTC/USD Holds Gains as Bullish Sentiment May Propel Price to $8000
Supply Levels: $7,300, $7,000, $6,800
Demand Levels: $8,000, $7,800, $7,600
BTC/USD moves offer to $7,580 early Monday. By doing this, the crypto went forward to sustain its recovery gains past the moving average 5 and 13 during the two-week high test.
Nevertheless, some horizontal bullish resistance levels are limiting the crypto captain’s direct bullish trend.
Consequently, buyers may look for a clear bullish run that crosses the $7,580 price level to gather momentum in the face of the $7,800 /8,000 price levels.
Except for the bulls managing to remain solid after the level at $7,800, prices could extend the recovery towards the area of $8,000.
In the interim, the daily close underneath the 5 and 13 moving averages around the $7,326 price level may establish a crisp pace for a bullish trend line support since December 18, at $6,930.
It is worth noting that more selling below the level of $6,930 may attempt with bears to the level of $6,500 on the chart.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
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