• Bitcoin blasts past $8,000 forming a new weekly high at $8,296.

  • Technical analysis points towards the diminishing buying pressure in the short-term.

BTC/USD has reignited its uptrend once again by a climb past $8,000 level. This move is incredible for Bitcoin and most investors are looking anxiously waiting for a break above the upper range limit at $8,500. BTC/USD has been in lock-step trading within a narrow $1000 range for more than one week now.

BTC/USD 15-min chart

Bitcoin price analysis chart
Chart source: Tradingview

The correction from the recent low at $7,500 has seen Bitcoin achieve a higher high and higher low pattern in spite of the ranging crypto prices on the market. Looking at Bitcoin from a short-term perspective, we see it has a bullish bias. The short-term ascending trendline support has been instrumental in barricading declines from yesterday.

The Rising Triangle Breakout

Over the last few days, the consolidating price led to the formation of a rising contracting triangle pattern, whose breakout birthed the incredible rise past the critical $8,200. BTC/USD formed a Doji candlestick followed by an engulfing bullish candlestick that not only diminished the resistance at both $8,100 and $8,200 but also formed new weekly highs at $8,296 (on Coinbase).

The formidable gains are supported by the Simple Moving Average (SMA) 15-min at $8,000 while the longer term 100 SMA 15-min will provide support at $7.941. The increasing moving average gap means that Bitcoin still has the strength to correct higher and form new support.

Also Read:- Crypto-Market Update: Litecoin [LTC] Breaks $140; BNB, ETH Rises as Bitcoin [BTC] Rejects Bears

Technical analysis at the time of writing shows the diminishing buying pressure as Bitcoin drops further below $8,200. The RSI has retreated from the overbought and moving horizontally below the 70 marks. The next course of action for Bitcoin seems to be inclined sideways but support above $8,100 is needed to forge another pathway to $9,000.

Bitcoin Technical Indicators

Moving Average Gap:- the Widening gap between the 50 SMA and the 100 SMA confirms bullish pressure.

RSI: Ranging trend shows potential for consolidation above $8,100.

Key Resistance: $8,200 and $8,300.

Key support: $8,000, $7,700 and $7,500.


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