Bitcoin Bulls Make Reappearance to Smash $8,000 Resistance as Price Jumps 10% in 3 Hours

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The weekend trading session for Bitcoin proved yet again to be a source of inspiration as the bulls came back in force and smashed the stubborn USD 8,000 resistance line to trade now in the USD 8,750 range after hitting a 12-month high at USD 8,937 (CoinDesk).

Bitcoin market optimists were proven right after all, when buyers repeatedly attempted to scale USD 8,000, failing at USD 8,200 again and again over the past week and a half. Many analysts pointed to lower volumes at the falls as well as higher lows after each failure of resistance tests, to back up claims that Bitcoin bulls had merely paused to accumulate, reaccumulate and consolidate.

The 10% spike in price in just under three hours that started at midnight UTC also showed the willingness of Asian markets to set the trend for the week, just as they had done in previous weeks since April. If this pattern holds true, then Europe markets about to awake will follow suit, while North American markets due in about eight hours should trigger profit taking and sell offs.

Nevertheless, the bulls will be in high spirits today, especially after such a strong rally to overcome a price level that had withstood many attempts. Even CNBC could not resist tempting fate, asking if the next milestone of USD 10,000 could be coming next:

Buying volume has certainly intensified, and Bitcoin’s push has led to a global cryptocurrency market capitalization of USD 270 million, showing no letdown in terms of appetite for the world’s most used cryptocurrency.

 

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