Bitcoin Finds Comfort Zone Just Below $8,000, Rally Gathering

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After yesterday‘s price action fell into a now familiar pattern of strong weekend trading for Bitcoin, the cryptocurrency spent most of the last 24 hours above the USD 8,000 zone with strong volumes, before tapering off today at 7:00 am UTC to trade at USD 7,991 (CoinDesk).

USD 8,000 is definitely proving to be a stubborn level of resistance, but the 24-hour low of USD 7,944 has been the highest low of the week and will give hope to bullish traders of a strong week approaching.

Support levels were especially strong at USD 7,850 and if prices continue at this rate for the next 48 hours, it could very well rise to USD 7,950. The strongest resistance right now is at USD 8,200 to USD 8,300 and traders will be looking for a big push to take price above and beyond that as a larger rally gathers for a fresh target and 2019 high of USD 9,000.

Altcoins, meanwhile, have not fared as well, recording certain, albeit minor, losses throughout the day, with most alt-Bitcoin pairs now leveling off after showing promising breakout patterns in the middle of last week. ETH lost its grip on USD 250 while LTC once more failed in its bid for USD 100.

Bulls and bears alike are keenly watching the market for fresh signs of a breakout or slide, although the most vocal ones, on social media, do appear to be the bulls.


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