It seems that bitcoin might be targeting a major breakout according to sources who are keeping a close eye on the present situation of bitcoin price.
A similar sentiment is shared by analysis from Telegram groups and recent comments on Discord channels.
Bitcoin price recorded a higher high on Monday trading at $7,800 and targeting the mid-term downtrend line. The top line has now broken and it is hopeful that a big run is expected in the days to come. Sources state that if the line is reached at the right time this week, it ill led to a flood of buying than by a minor retracement or recovery.
Currently, the bitcoin price is above the $7,700 mark on Bitfinex, with turnover slightly in the lower side in comparison to last week’s levels. The difference for the normal occurrences is that all leading cryptocurrencies have either registered small drops or are stable, with bitcoin taking the lead as the top gainers followed by bitcoin cash and Cardano.
Being that the bitcoin price has gone higher proves to be a bullish sign. The RSI continues to peak into overbought conditions and cooling off, making a bull momentum for the upcoming ETF news.
The bitcoin EFT news will lead to the market soaring higher.
It seems that Bitcoin is edging closer towards a bull, with buyers resulting in high volumes. Going above the $7,800 mark can land bitcoin in the $8,250 level which is needed to make a mid-term bull.