{"id":381751,"date":"2019-05-12T05:00:07","date_gmt":"2019-05-12T05:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=381751"},"modified":"2024-06-11T12:49:49","modified_gmt":"2024-06-11T12:49:49","slug":"bitcoin-btc-price-bulls-target-8000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-bulls-target-8000\/","title":{"rendered":"Bitcoin (BTC) Price Springs Up: Bulls Now Target $8,000"},"content":{"rendered":"<ul>\n<li>There was a sharp upward move above $6,800 in bitcoin price against the US Dollar.<\/li>\n<li>The price is up more than 25% in the past few days and it tagged the $7,450 level recently.<\/li>\n<li>There is a major bullish trend line in place with support at $6,750 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair remains well supported and it seems like the bulls are now aiming $7,800 or $8,000.<\/li>\n<\/ul>\n<p><em>Bitcoin price rallied significantly above $6,800 and $7,000 against the US Dollar. BTC seems to be following a nasty uptrend and it could even test $7,800 or $8,000 in the coming sessions.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, bitcoin price started a strong upward move after it broke the $5,800 resistance against the US Dollar. The BTC\/USD pair surpassed many hurdles near $6,000, $6,200 and $6,400. The recent upward move was such that the price even broke the <a href=\"https:\/\/wncen.com\/2019\/05\/11\/bitcoin-btc-price-hits-6-5k-real-test-ahead\/\" target=\"_blank\" rel=\"noopener noreferrer \">key $6,850 and $7,000 resistance levels<\/a>. Finally, there was an upsurge above $7,200 and the price settled well above the 100 simple moving average (4-hours). The price traded to a new 2019 high at $7,457 and recently corrected lower.<\/p>\n<p>It traded below the $7,200 level, and the 23.6% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. The price even spiked below the $7,000 level, but the $6,850 level acted as a support. BTC price tagged the 50% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. There was a sharp bounce after the price tagged the $6,850 level. There is also a major bullish trend line in place with support at $6,750 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p>The pair is back above the $7,000 level and it seems to be <a href=\"https:\/\/wncen.com\/2019\/05\/10\/bitcoin-btc-price-upsurge-bulls-aiming-6-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">preparing for more gains<\/a>. An immediate resistance is at $7,220, above which the price may test the $7,350 level. Any further upsides could take the price towards the $7,500 resistance level. Above $7,500, the next key target for the bulls could be $7,800 or even $8,000.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-381752\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price Weekly Analysis  BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly in a strong uptrend above $6,850. In the short term, there could be swing moves towards $6,850 or even $6,600. However, the bulls remain in control and they are likely to aim a new high above $7,500 in the coming sessions. It would be interesting to see how the market reacts if the price reaches $8,000 in the next 24-48 hours.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is gaining momentum in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently placed heavily into the overbought zone.<\/p>\n<p>Major Support Level \u2013 $6,850<\/p>\n<p>Major Resistance Level \u2013 $7,500<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a sharp upward move above $6,800 in bitcoin price against the US Dollar. The price is up more than 25% in the past few days and it tagged the $7,450 level recently. There is a major bullish trend line in place with support at $6,750 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair remains well supported and it seems like the bulls are now aiming $7,800 or $8,000. Bitcoin price rallied significantly above $6,800 and $7,000 against the US Dollar. BTC seems to be following a nasty uptrend and it could even test $7,800 or $8,000 in the coming sessions. Bitcoin Price Weekly Analysis (BTC) This past week, bitcoin price started a strong upward move after it broke the $5,800 resistance against the US Dollar. The BTC\/USD pair surpassed many hurdles near $6,000, $6,200 and $6,400. The recent upward move was such that the price even broke the key $6,850 and $7,000 resistance levels. Finally, there was an upsurge above $7,200 and the price settled well above the 100 simple moving average (4-hours). The price traded to a new 2019 high at $7,457 and recently corrected lower. It traded below the $7,200 level, and the 23.6% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. The price even spiked below the $7,000 level, but the $6,850 level acted as a support. BTC price tagged the 50% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. There was a sharp bounce after the price tagged the $6,850 level. There is also a major bullish trend line in place with support at $6,750 on the 4-hours chart of the BTC\/USD pair. The pair is back above the $7,000 level and it seems to be preparing for more gains. An immediate resistance is at $7,220, above which the price may test the $7,350 level. Any further upsides could take the price towards the $7,500 resistance level. Above $7,500, the next key target for the bulls could be $7,800 or even $8,000. Looking at the chart, bitcoin price is clearly in a strong uptrend above $6,850. In the short term, there could be swing moves towards $6,850 or even $6,600. However, the bulls remain in control and they are likely to aim a new high above $7,500 in the coming sessions. It would be interesting to see how the market reacts if the price reaches $8,000 in the next 24-48 hours. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently placed heavily into the overbought zone. Major Support Level \u2013 $6,850 Major Resistance Level \u2013 $7,500<\/p>\n","protected":false},"author":67,"featured_media":380680,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-381751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Springs Up: Bulls Now Target $8,000<\/title>\n<meta name=\"description\" content=\"Bitcoin price rallied significantly above $6,800 and $7,000 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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