Bitcoin (BTC) has been recovering progressively since the crash it had in the month of March, which brought the world’s first crypto to levels of $ 4,000. Ever since it decoupled from the panic of traditional markets, the question remains, is the next stop for Bitcoin’s price the $ 8,000?
Bitcoin closed last week with a 16% recovery in the week, which pushed its price above $ 6,800. And yesterday it had another rebound, which brought BTC to $ 7,100, and in the early morning to $ 7,400. Is the price of Bitcoin close to its next resistance level at $ 8,000?
Bitcoin Price Behavior
Bitcoin $ 8000!
Bitcoin price closed the week with a large bullish Japanese candle. And as professional crypto traders have expressed, “Buying interest in BTC continues to strengthen at the 200 week moving average (WMA)” So we will surely see the $ 8,000 for each BTC token soon.
On the other hand, the daily trading volume has presented a reduction compared to last week, according to data from CoinMarketCap. But despite this, it is still higher than average.
If Bitcoin’s price can close the day without going back below $ 7,200, it would seriously lift signals in the crypto market that bulls have control over those who play lower.
As we can understand from the experts, if Bitcoin behaves bullish, and even stable, it would boost buying interests and leave those of selling behind.
Traders who bet on shorts will realize that there is a paved road into the future, and will start betting on Long positions.
Market capitalization recovers
These increases have led to the crypto market capitalization breaking the $ 200 billion level since the Coronavirus crisis began.
But, this is not only due to the recovery of the price of Bitcoin, but the entire crypto market in general has increased by 87%.
All the values have not yet recovered, as there is still a 30% recovery to reach the annual maximums, of which we fell due to the general panic of humanity.
While traditional financial markets continue to face unprecedented uncertainty around monetary policy. This could be the time for BTC to be an attractive vehicle to safeguard both inflation risks and economic crisis risks.
What do you think, the next stop for the price of Bitcoin will be $ 8,000? Let it know in the comment box.