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Bitcoin takes aim at $8,000 amid bullish breakout

Oliver Knight

Bitcoin is on the brink of a bullish breakout above $8,000 after surging to $7,400 on Tuesday morning.

The world’s largest cryptocurrency has now risen by 13.66% over the past week with a further 2.88% gain being printed today.

An upside target when analysing the chart has emerged at $8,080 as it is a historical level of resistance that is in confluence with the daily 200 moving average.

A break above that point would indicate that the short-term downtrend has now finished and that Bitcoin has reversed into a bullish posture.

It would also tie in with the upcoming block reward halving, a historically bullish event due to a reduction in supply going onto the market.

Hash rate has also bounced back from a 29% decline two weeks ago to demonstrate newfound competition between miners.

However, while Bitcoin seems bullish on both a technical and fundamental standpoint, an initial rejection from $7,400 may slow the transition towards a short-term bull market.

A decline in price from here would see Bitcoin re-enter the indecisive level below $6,800, which could prolong sideways price action.

Closing this evening’s daily candle below $7,000 will be a major cause for concern for bullish Bitcoin traders as it will indicate a clear lack of momentum.

It’s worth noting that Bitcoin traded within the $6,500 and $7,800 range for six weeks at the end of 2019, which came before an eventual rally to $10,500 in February.

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Bitcoin pricing

Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:

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About Bitcoin

In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.

More BTC news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.