Bitcoin is well above $8,000 and with the way things are going in the crypto market, looks like bulls are staying put. Bitcoin has been exchanging at $8,229 with barely in the green, at the time of writing.
The market sentiments right now are tilting towards a significantly higher price for bitcoin. On the off chance that we investigate the technical part of the Bitcoin price, it is setting out toward another breakout. A couple of days back, Bitcoin hit the $8,500 level quickly on BitMEX exchange. However, now, BTC/USD hit a critical resistance and went right down.
This is a bearish line that is making Bitcoin from jumping this limit. But, Bitcoin has possessed the capacity to hold its ground at the progressing level and keep up its balance between the $8,470 high and $7,700 low.
All things considered, the price is sitting perfect sitting tight for either bulls or bears to show up. The resistance target for bitcoin right currently is at $8,300 and in the event that it needs to go past $8,500, the price needs to break above $8,400.
In the event that the costs need to go lower, the support is at $8,180 and afterward at $8,100 that will help the prices from going beneath the $8k mark.
Bitcoin is at a vital stage in which individuals accept will hit another number soon. As indicated by Spencer Bogart, who is a partner at Blockchain Capital and previous Bitcoin Analyst predicts the bull rally is holding up to go higher.
“Bitcoin is a tinderbox, right now which is waiting for reasons to go a bit higher whether its global wars or trade wars, whether it is an ETF approval, etc. I think any number of catalysts can send Bitcoin exploding higher.”
Bogart also said that Bitcoin just might have hit its bottom this year and is expected to see new highs. He is also expecting more regulatory approvals to come before further adding,
“The cat’s already out of the bag, innovation is going elsewhere if the SEC doesn’t get on board soon.”