The Bitcoin price made a nice upside move over the past week, going from below $7,500 to $8,000 and now stabilizing at that level. The bullish trend line was somehow affected by the news about the Bitcoin ETF denial by the SEC, but it seems that the price of Bitcoin reacted well – and hasn’t sunk since then.
Right now, the price of Bitcoin is standing still somewhere above $8,100 and could soon test the $9,000 margin, according to analysts. The BTC/USD pair broke the $8,000 resistance and traded as high as $8,500 which is the biggest indicator for a new margin break.
The $7,800 support line made Bitcoin recover fast from the drop caused by SEC’s decision. Right now, Bitcoin is still bouncing back and moving above the $8,000 resistance. Currently, the Bitcoin buyers are confident and the volume seems good – which are all positive signs of a new bullish run. Another thing that has been backing up the bullish run for the flagship cryptocurrency is the statement by one SEC official who disagrees with it and thinks that the Bitcoin ETF denial is not the right decision at this moment.
According to analysts, the price of Bitcoin may dip towards the trend line and go to as low as $7,900 in the worst-case scenario. However, what is more likely to happen is for it to break the $8,500 level over the next week and target the $9,000 level by mid-August.
At the end of the day, Bitcoin is still in a good position and is already making headlines about one-month and two-month high price records.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post