- Bitcoin surges to high close to $8,300 as the market corrects from weekly lows.
- BTC/USD could test $8,000 support before staging another recovery assault.
Bitcoin uptrend has stalled short of $8,300 following the surge that kicked off yesterday. The largest crypto was for more than seven days stuck in a range between $7,500 and $8,100. However, looking at the chart the support at$7,500 gave way for gains that initially broke past $8,000, tested $8,100 before sliding under $7,700.
Bitcoin correction yesterday propelled it above $8,000 for the second time in the same week. The bulls, confident in the breakout explored the region past $8,200. A new weekly high formed at $8,375 resulted in another correction below $8,100.
In the meantime, BTC/USD is changing hands at $8,096 above the rising trendline. Indicators applied to the chart suggest that Bitcoin could test $8,000 support before staging another recovery assault. The Relative Strength Index (RSI) is sloping downwards toward the average in tandem with the building bearish pressure. The MACD is above the mean line but moving downwards hence confirming the bearish momentum.
BTC/USD 1-hour chart