Bitcoin bounced around 5 percent a day, currently exceeding the level of mid-$7,000. The cryptocurrency benchmark is rocketing upside momentum towards $8,000 at the time of posting. This has generated broad interest among the crypto-market investors. Over the past 24 hours, the crypto market’s total capitalization has risen about $5 billion, a further boost for the asset. That’s fair to assume that the price increase has been spontaneous, but we will get a detailed look from a technical review. The pre-halving sentiment drives investors’ optimism positively, as Bitcoin’s forthcoming mining rewards have long been seen as a fundamental activity that may further boost its underlying strength and catalyze some massive upside price activity.
*Upside momentum rockets toward $8,000 for BTC/USD Bulls
*Over the past 24 hours, the crypto market’s total capitalization has risen about $5 billion
*The pre-halving sentiment drives investors’ optimism positively
Resistance Levels: $8,500, $8,200, $8,000
Support Levels: $7,300, $7,000, $6,700
BTC/USD Daily Chart: Ranging
BTC/USD is increasing in value at $7,557, both daily and from the start of the day, in a green zone. From the beginning of the day, the first digital coin consolidated beyond $7,000; moreover, the further upside is still not capped. The next strong obstacle is at $7,700 along the $8,000 pathway.
A successful push beyond this region may enable the rebound to hit $8,200. This level may decelerate the upward push, as much as it did in earlier. Unless that comes up, BTC/USD may trigger a bearish-biased consolidation pattern in which sellers may trade beneath $7,300 and retry the support levels of $7,000 and $6,700.
BTC/USD 4-Hour Chart: Bullish
Intraday bias is bullish as Bitcoin continues holding beyond the level of $7,500 resistance turned support, after a strong recovery past the level of $7,700 on Thursday. BTC/USD bulls may have to push price back beyond the resistance level of $7,700 to attract traders to continue buying the cryptocurrency at $8,000.
Unless sellers gain traction beneath $7,500 level the BTC/USD pair may fall back to the resistance area shifted support at $7,000 level. The BTC/USD pair is only bullish after trading beyond the level of $7,300, the main resistance is seen at $7,700 level and $8,000 level. Unless the BTC/USD pair trades beneath $7,300 level, sellers may test the support levels of $7,000 and $6,700.
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