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  • BTC/USD recoveres above $8,000 during the European hours.
  • The further upside may be limited by a confluence of technical indicators.

Bitcoin (BTC) is on the upside quest, The first cryptocurrency has recovered from the recent low of $7,706 and got back above critical $8,000 amid growing upside momentum. At the time of writing, BTC/USD is changing hands at $8,050 with the local resistance created by SMA200 (Simple Moving Average) 15-min and SMA100 one-hour at $8,060 and the recent high on approach to $8,100.  

BTC/USD short-term technical picture

On an hourly chart, BTC/USD has created a bottom at $7,750  during early Asian hours and has been growing slowly ever since. While the coin is still in the red zone on a day-on-day basis, a move above $8,000 is a good signal for Bitcoin bulls. However, we will need to see follow-through to confirm the recovery.  

Strong resistance area is created on approach to $8,150 ( the upper line of one-hour Bollinger Band). Once it is out of the way, the upside is likely to gain traction with the next focus on  $8,200 and $8,280 (the upper line of four-hour Bollinger Band).

On the downside, a move below $8,000 will negate the short-term positive forecast and bring sellers back to the market. The recent low on approach to $7,700 creates strong support that separates us from $7,500 ( the lower line of one-day Bollinger Band).

BTC/USD, one-hour chart