- BTC/USD gained 5.8% on a daily basis and touched $8,470.
- 200-DMA at $8,633 comes into focus.
Bitcoin is changing hands at $8,350, off the early Asian high at $8,472. The digital coin No. 1 has gained 5.8%% on a daily basis and mostly unchanged since the beginning of Wednesday.
The capitalization of global cryptocurrency market is getting closer to $300B for the first itme since the beginning of June.
Milder regulatory environment coupled with a convincing break through above key technical levels, including the long-term sloping trend line from May 5 peak at $11,645, creates favorable conditions for an extended upside.
Crypto experts believe that the largest digital currency benefits from positive semtiments that returned to the market after an extended period of pessimism and regulatory jitters. Charles Hayter, CEO of CryptoCompare, says that we are witnessing the return of inner cryptocurrency market bull.
“Bitcoin breaking $8000 without pullbacks is a very bullish sign. However, Bitcoin is now facing stiff resistance built throughout 2018 at the $8400 level,” Jon Pearlstone, publisher of the newsletter Cryptopatterns explained.
“While multiple indicators are signaling a pullback is due, breaking $8400 with strong volume could see this rally extend to key technical and psychological resistance at the $9500-$10,000 level before that pullback.”
Bitcoin’s technical picture
A sustainable movement above $8,354 (61.8% Fibo retracement) will strengthen the bulls’ case. The upside may be extended towards $8,633 (200-DMA) and to psychological $9,000. On the downside, the support is created by $8,000, followed by 50.0% Fibo retracement at $7,862.
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