Bitcoin managed to regain the bullish momentum after a sharp dip below $8000 area earlier. The price is currently residing at the edge of $8000 area with a dynamic level of 20 EMA holding the price as support. Thus, further upward pressure might occur in the coming days.
Bitcoin is currently up by 8%. Most of the ALTCOINS have joined the rally and gained momentum. Bitcoin is recovering after a certain bearish pressure. The bullish trend is likely to continue and lead to further upward pressure with a target towards $10,000 in the coming days. Over a one-week period, BTC has incurred some choppy price action, surging from lows of $6,800 to highs of $8,300 before reeling back to below $7,000. Since dropping below $7,000, Bitcoin has been able to build greater buying pressure that has allowed it to continue its upward ascent.
Despite this, the recent pullback may be bullish for BTC, as it may allow the crypto to garner greater levels of buying pressure that could ultimately allow it to continue surging higher as it continues recovering from its 2018 lows of $3,200. As the price remains above $7000 area with a daily close, the impulsive bullish momentum is expected to continue further but certain correction and volatility may be observed along the way.
SUPPORT: 7500, 7850
RESISTANCE: 8000, 8400, 8500
BIAS: BULLISH
MOMENTUM: VOLATILE
