Bitcoin, which is the largest digital asset by market capitalization, settled past the price level at $8,600 after a pullback to a price level of $8,217 on January 24.
At the hour of composing, the Bitcoin price was trending on the level at $8,712 mainly unaltered from the start of the day.
The digital asset market on Monday showed a trend in the bullish bias triangle. The Saturday bears did not lead to much movement, and several altcoins moved away from support levels and attempted recovery. The market capitalization of cryptocurrency amounted to $230 billion, and the average daily trading volume plunged to $72 billion.
Bitcoin’s dominant market position was 66.1%.
Despite going through the major part of the weekend in the range of $8,200 to $8,400. Bitcoin pushes gains past $8,600 level. Bearish pressure last week led to a huge balance past the level at $8,200. A reverse past the level of $8,400 was key for its trending operations.
Meanwhile, Bitcoin moved past the moving averages of 5 and 13. It seems that this move supports the bulls to expand their inputs in addition to changing their attention from the level at $8,750 to $9,200 (resistance of the prior week).
BTC/USD is trending presently on the level at $8,712 and is slightly in the green zone, given the initial price of $8,594 opening. The specialized levels, as well as the RSI, seem to be aiming for growth of up to $9,000 level. Although, Bitcoin must overcome resistance on the level at $8,750 and $8,800, accordingly.
The RSI is hovering on the level at 65 overbought. On the off-chance, the level of 70 is broken, anticipate further activity with bitcoins gaining past the level of $8,800. At the same time, registering upper support, ideally past the level of $8,600, which is the key to recovery this week.
In summary, it would be pragmatic on the off-chance the level at $8,600 worked as main support at this Monday sessions.
Bitcoin Technical Analysis: $8,500 Price Level as a Pivot
Supply Levels: $8,500, $8,200, $7,800
Demand Levels: $9,200, $9,000, $8,800
Bitcoin is starting to seem more optimistic in the short term, with a support level of $8,200 for the bears selling to the downsides. BTC/USD bulls require to sustain prices past the level of $8,500 to support yet another technical target to the resistance level of $9,000.
A breach beneath the $8,200 price level could cause the BTC/USD pair plunge to the support level of $7,800 this week. The BTC/USD remains bullish when it is trading past the $8,500 level, its key resistance is seen at $9000 and $9,200 levels.
However, If the BTC/USD pair is trading beneath the level of $8,500, bears can target the support levels of $8,200 and $7,800 respectively.
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.