Daily volume had trailed off by half over the past few days but had already started to ramp up yesterday morning. Bitcoin price has remained range-bound between $7,250 and $7,400. It broke out of this channel during the Asian session and surged 9 percent to hit $7,920 according to Coinmarketcap.com.
A number of prominent analysts were eyeing $6,400 or lower for a possible retracement. It appeared that Bitcoin was taking a breather, possibly poised to drop back to major support zones last Saturday.
According to Twitter crypto market analyst, Josh Rager, wrote:
“CNBC calling head & shoulders… And I really wanted to buy the dip down too low to mid $6ks. Was a clear counter indicator as Bitcoin is starting to pump. “
The next move for BTC is likely to be above $8,000 again with huge resistance at $8,200 where it reached during the week. Rager added that a close above this price on the daily/weekly would be very bullish with the next targets being upwards of $9,000. He specified $9,600 adding;
There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216. Weekly volume looks amazing. $BTC – Weekly Chart
To clarify, why $9600 is because this is viewpoint from higher time frame charts
There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216.
— Josh Rager
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News Reference: https://coinhooked.com/crypto-markets-surge-18-billion-as-bitcoin-heads-back-to-8k
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