BITCOIN bounced off $7,500 amid the impulsive bullish momentum as expected. So, BTC reached the next milestone price area of $8,000 in the overnight trade in no time. The price is trading in the impulsive and non-volatile manner. Amid the persistent bullish pressure, BTC is expected extend its wings further with a target towards $10,000 area in the coming days.
Bitcoin has hit the highest level since mid-2018, posting a 14% gain as of the time of writing this article. It isn't clear when the buying activity is going to stop, but this is quite a sight to behold. As the leading cryptocurrency has boomed, pushing past key resistance levels, they are nothing more than soggy pieces of parchment, other crypto assets have done relatively poorly. With this move, BTC has surged past a number of key resistances, namely $7,400 and $8,000, and cements the bullish sentiment in the mind of traders worldwide.
What makes this move even more promising is that according to Google Trends, the search terms for "Bitcoin" and "buy Bitcoin" have to surge higher, indicating that much of the rally is being caused by those already involved in the crypto trade. Moreover, Grayscale's Bitcoin Trust (GBTC) saw $150 million in trading volume on Monday, which is a sign that institutional investors and accredited investors are throwing their hats into the ring rapidly.
On the USD side, the US is due to present retail sales data on Wednesday. Analysts have downbeat expectations about it. US retail sales are expected to slump to 0.2% from the previous value of 1.6%. Moreover, recently published negative economic reports and the unsettled trade conflict between the US and China could undermine BTC momentum.
To sum up, Bitcoin is assumed to retreat towards the dynamic level of 20 EMA along the way again before the price breaks above $8,000 price area with a confirmed daily close to indicate further upward pressure. The upward target could be projected towards the next milestone price area of $10,000 in the coming days. As the market is building momentum like this, Bitcoin is expected to sustain the impulsive bullish momentum along the way further.
SUPPORT: 7,000, 7500, 7,750
RESISTANCE: 8,000, 8,250, 8,500
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
