Bitcoin’s rebound from its mid-March lows has led the cryptocurrency to climb up towards $8,000 – a price point that is proving to be a major resistance level for BTC.
This resistance has led the crypto to face multiple harsh rejections here, although buyers have remained largely unphased due to the strength of this recent uptrend.
It is important to note that on-chain analysis indicates that breaking above $8,000 may prove to be a greater challenge than it seems for Bitcoin bulls, as 1.5 million wallets acquired their crypto at this price.
This could mean that some of these investors who were scared by the recent capitulatory decline will be apt to offload their crypto holdings at a breakeven, making this price point a potentially significant supply zone for Bitcoin.
Bitcoin Quickly Approaches Potential Supply Zone as Bulls Build Momentum
At the time of writing, Bitcoin is trading up just under 2% at its current price of $7,710, marking a slight decline from daily highs of roughly $7,800 that were set earlier today.
BTC has faced multiple rejections around its current price level throughout the past couple of days, although bulls haven’t been phased by this normally bearish trend.
The $8,000 level that buyers are attempting to recapture could prove to be difficult to surmount, as a significant number of investors who bought BTC at $8,000 before the March crash to $3,800 may now be itching to sell at a breakeven.
Data from analytics platform IntoTheBlock shows that this is a real possibility that traders should watch for.
“Bitcoin price reaches $7,700. Using our IOMAP indicator, we see that there are close to 1.5mm addresses that could push back on Bitcoin getting passed $8,000. Looking at the levels of support, $7500 looks like it could hold strong with 1.17mm addresses holding almost 830k,” they noted.
Image Courtesy of IntoTheBlock
Technical Analysis Supports Notion that $8,000 Could Spark an Intense BTC Selloff
Per a report from NewsBTC yesterday, some traders have also noted that they anticipate Bitcoin to reach the $8,000 level in the days ahead, subsequently facing a harsh rejection here that leads it to “nuke” lower.
“BTC – Nothing has changed. Will most likely be adding to my long tomorrow. This nuke gonna be juicy,” one trader noted while pointing to the below chart showing a short-term upside target at $8,000.
Image Courtesy of Mac
The confluence of technical weakness and massive overhead supply at $8,000 makes it unlikely that Bitcoin will successfully surmount this level in the near-term.
Featured image from Unplash. origin »
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Bitcoin’s intense 2020 uptrend has led the cryptocurrency to rally up towards $10,000, with the price region lying directly below this critical price level appearing to be a heavy resistance region. It is important to...
After drifting lower over the past few days, Bitcoin’s bulls have been able to post a strong defense of the support that exists within the lower-$9,000 region, which subsequently catalyzed a major upwards movement that has led BTC back up to its key resistance.
Yesterday evening Bitcoin (BTC) incurred a massive amount of buying pressure that led its price to rally to fresh 2020 highs of $9,500 before it found some strong resistance that led to a slight retrace towards $9,300.
Bitcoin (BTC) experienced a sharp selloff yesterday evening that led its price to dip as low as $8,200 before it found a significant amount of buying pressure that sparked a sharp movement up to highs of $8,500.
A long-term bitcoin price resistance has flipped to become support for what appears to be a potential bullish action. The 50-weekly moving average (50-SMA), which measures the average of bitcoin prices over a 50-week period, looks to assume the role of a strong pullback level.
Bitcoin has had a rocky past few days, surging to highs of $9,200 this past Saturday before meeting insurmountable resistance that has sparked a short-term downtrend. This downtrend has led BTC into the mid-$8,000 region, but the losses may not end here.
Overnight, Bitcoin faced a firm rejection after attempting to garner significantly further upwards momentum. This instantly led major altcoins like XRP and Ethereum to drop in tandem, shinning a light on some potential underlying weakness within the crypto markets.
Bitcoin’s firm uptrend throughout 2020 has now led it to reach a key near-term resistance level that its bulls are currently contesting. This has resulted in mixed feelings amongst analysts as to where BTC will go next.
Whenever people think crypto, Bitcoin's mention automatically pops up.
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Bitcoin’s meteoric uptrend over the past several days and weeks has allowed BTC to smash through multiple resistance levels that were previously hampering its price action, and yesterday’s break above $8,000 led to a sense of euphoria amongst the cryptocurrency’s bulls.
Bitcoin (BTC) was able to incur a massive rally today that led the cryptocurrency to surge past its previous resistance at $8,000. In spite of the overt bullishness of its recent price action, it does appear to be struggling to gain a solid footing above this level.
Bitcoin's recent gains have led to a bullish chart breakout and brought a key long-term price resistance into play for the first time in over two months.
Bitcoin's recent gains have led to a bullish chart breakout and brought a key long-term price resistance into play for the first time in over two months.
Ethereum’s price action has been fully exposed to Bitcoin’s recent bearishness over the past several days and weeks, struggling to garner any independent upwards momentum. This price action has led ETH to remain stuck beneath $130, which appears to have become a resistance level for the cryptocurrency.
Bitcoin has been facing some turbulent price action over the past several days and weeks, surging to highs of $7,700 this past weekend before hitting a region of resistance that has sparked a firm short-term downtrend that has led BTC down to its support in the lower-$7,000 region.
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Summary:After breaking out of a macro reaccumulation range, the market saw a small pullback that led to a retest of prior resistance that is now being respected as support.
The price rally of Bitcoin and other altcoins starting from April 2nd saw major cryptocurrencies prices surge in double digits. The recent price rally also helped the crypto tokens to break their upper key resistance level they have been facing for over 5 months.
Bitcoin, the largest cryptocurrency in the crypto world, saw a new bullish trend earlier this week which led the price of the coin to pump above the $5,000 resistance, along with other cryptocurrencies.
The recent Bitcoin price surge sent shockwaves throughout the entire crypto markets that led virtually all cryptocurrencies to experience some sort of price gains – to varying degrees. Ethereum (ETH) and Ripple (XRP) both surged, but are currently pushing up against resistance levels, and will likely be closely tracking Bitcoin’s price action in the near-future.
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Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance:Figure 1: BTC-USD, Daily Candles, Narrow RangeThe blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation.
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Following the recent market downturn that sent Bitcoin down to its previously established support level at $3,400, BTC has bounced and has broken above its resistance level at $3,500, which could mean that further gains are in store in the near-future.
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