The Price of Bitcoin Rallies, Bulls Focusing $8,000
The price of BTC/USD is signaling a bullish continuation over $7,500. There is a likelihood of the price to keep surging and the buyers seem to focus $8,000 this week.
After the consolidation under the hurdle at $7,200, the price began a modest move to the upside. The price of Bitcoin surged over some major resistances close to $7,300 and $7,400 to begin a powerful move to the upside.
Further, the price closed over the hurdle at $7,500 and the 100 hourly SMA. It paved the way for additional gains and the price rallied over $7,600. There was the formation of a new weekly high close to $7,652 and the price is at the moment consolidating gains.
The first initial support is close to $7,540. The occurrence of additional downside, the immediate stop may be close to $7,460.
Currently, a look at the hourly chart of BTC against the USD shows the formation of a short term breakout pattern with hurdle close to $7,590.
The occurrence of a break on the upside over the hurdles at $7,590 and $7,600 could lead to the resumption of its upward move. The immediate hurdle is close to $7,652, over which the price may increase towards the $7,800.
Any additional gain is likely to take the price towards the major $8,000 hurdle zone, where sellers could be strengthened.
Featured image courtesy of Shutterstock. Source: CryptoPress.