BTC/USD is currently trading at $7,861 (+1.4% from the beginning of the day). The crypto is in motion as part of a vigorous bull trend in Asia amid growing volatility and a tested zone past the $8,000 price level.
As Bitcoin halving approaches, several market analysts are trying to project how this will influence the price, while in some other forecasts, an analyst said that dominance in the Bitcoin market may not surpass 75%, and price recovery may be limited to $15,000.
The Bitcoin sphere counts the months preceding a historic halving event. Mining rewards are halved every four years due to a code integrated into Satoshi Nakamoto’s blockchain. Miners’ block rewards will be halved from 12.5 BTC to 6.25 BTC. This event is anticipated to entail expansion in demand amid supply shortages and high volatility.
However, the Bitcoin hash rate proceeds with growth until May 2020 halving. The hash rate, calculated on a 7-day basis, reached a historic high of 106 EH/s. The recovery in bitcoin hash rate on the network was huge over the past year from 40 EH/s in early 2019.
Bitcoin focuses on overcoming key barriers to the price level at $8,000. The main crypto used a larger part of December on rallying from $7,000 to $7,500. A recent break past the $7,800 appears to have resuscitated bullish sentiment in the cryptocurrency. Besides, on Monday, Bitcoin tested the resistance price level at $8,000 and then retreated to the current price level at $7,861.
The digital asset has added 1.43% higher per day amid a vigorous bullish outlook.
Nevertheless, the growing volatility indicates that a break past the price level at $8,000 is quite attainable during the day. At the moment, the goal among the buyers is to establish support past the price level at $7,800 and target on overcoming the price level of $8,000.
BTC/USD Jumps to the Highest Level since November 2019
Supply Levels: $7,600, $7,300, $7,000
Demand Levels: $8,000, $8,200, $8,400
BTC/USD was released on Monday at a price level of $7,723.10, rising to $368.79 (5.01%). This is the largest one-day gain in two weeks. Today, the bulls were in full control of the situation, raising the market at the beginning of the session.
The main digital asset increased gains past the price level at $7,800 and even approached the level of $8,000. However, a high of $7,999.84 put an end to the bullish momentum.
Bitcoin fell into a pause within the level of $8,000. An incredible breakthrough came after consolidation on the weekend. However, Monday’s recovery was not unique to Bitcoin, as cryptocurrencies were usually adjusted everywhere.
As already mentioned, Bitcoin is actively supported in various former resistance zones, including a level of $7,800, $7,600, and $7,300. Bulls also count on support at price levels of $7,200, $7,100, and $7,000, to ensure that despite the reversal, Bitcoin will remain above $7,000.
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.