- BTC/USD gained 3.6% on a daily basis and touched the highest level in two months.
- A sustainable movement above $8,000 will provide a strong stimulus for further growth.
Bitcoin spiked to $8,000 handle for the first time since May 23 before retreating to $7.949 by the time of writing. The digital coin No. 1 gained 3.6% on a daily basis amid growing bullish momentum, supported both by technical and fundamental factors.
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.
Once $8,000 resistance is broken, the upside may be extended towards $8,354 (61.8% Fibo retracement). That’s where a fresh selling interest may appear amid profit-taking on short-term speculative positions.
On the downside, the support is created by 50.0% Fibo retracement at $7,862, strengthened by the above-mentioned trend line. The bulls control the situation as long as the price stays above this level. If it is broken, the downside correction may be extended towards $7,600 (100-DMA) and $7,300.
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