Bitcoin price analysis: BTC/USD stays above $8,000 in the early hours of Saturday

0
  • BTC/USD is currently priced at $8,030, having started the day at $8,000.
  • Bulls need to overcome critical resistance at $8,200.

BTC/USD opened strong in the early hours of Saturday, as its price went up from $8,000 to $8,030. BTC/USD managed to reach $8,115 this Friday before the bears managed to close out the day and took it down to $8,000. The critical resistance level for bulls lies at $8,200, which has thwarted them twice before. 

BTC/USD daily chart

  • The market found resistance at the upward trending line.
  • The price is trending above the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
  • The moving average convergence/divergence (MACD) line is crossing over the signal line, which shows higher bearish momentum.
  • The relative strength index (RSI) indicator is trending next to the overbought zone at 67.15.
  • The 20-day Bollinger band shows high market volatility.
     
Get the 5 most predictable currency pairs

About Author