Price Watch: Bitcoin Rallies Above $8,150 But $8,250 Remains Key Obstacle

2019-6-12 19:32

Bitcoin has made a big comeback, successfully climbing back above $8,100. The return by the bulls comes after a dip a day ago that saw Bitcoin retest the $7,750 low. While the drop below one of its higher support position of $7,800 was troubling, its ability to bounce up before testing the troubling $7,600 was commendable.

Today, Bitcoin seemed to start off small with moderate gains of about 2% but as the wider market turned green, Bitcoin intensified its rally. Trading volume has also kicked up a notch after beginning the day under $19 billion. This is now headed above $20 billion.

At the time of press, Bitcoin has climbed to nearly $8,200. After surging by around 5%, Bitcoin is exchanging for $8,180. With the current momentum, Bitcoin is poised to retest the $8,250 resistance position. This will ensure a support position above $8,000 should a pullback follow. On the higher side, soon as $8,250 is achieved, $8,500 will be next putting $9,000 in play.

The latest rally from around the market has seen the total market cap climb to around $262 billion and this could retest $275 billion if top assets continue performing well.

‘2019 Is The New 2017’, Bitcoin Millionaire Says

Many analysts have predicted that soon after Bitcoin climbs above $9,000, it will not spend much time there. Tom Lee, has suggested that as Bitcoin approaches $10,000, it will reach full blown level 10 FOMO.

Already the latest bullish trend has been accredited to FOMO and as prices show promise of hitting all-time highs ($20,000), more and more will begin investing in Bitcoin. This hype saw Bitcoin reach $20,000 before and it is predicted it would see the asset achieve this if not more in the months to come.

Bitcoin millionaire and ‘wunderkind’ Erik Finman has recently made a prediction about Bitcoin saying that 2019 is the new 2017. While it’s true we might see the same sought of a dramatic surge, this time it will be much bigger. The world is much more adapted to Bitcoin and the push will be coming from both retail and institutional investors.

The post Price Watch: Bitcoin Rallies Above $8,150 But $8,250 Remains Key Obstacle appeared first on ZyCrypto.

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