At the hour of composing, Bitcoin is trending up 4.5 percent at its present price level of $8,520, which marks a notable increase from recent lows of just over $8,000, which were set last week when the bears attempted to wreck the recent upside.
The price of Bitcoin is currently consolidating above the resistance level and the most significant volume node in the visible profile of the visible range, or VPVR. On the off-chance that Bitcoin can complete bullish consolidation above $8,000, then a balanced upward movement may lead to the price of Bitcoin reaching the top of the previous range of $9,500 and possibly reaching the next node with a large volume of $10,100.
In the prior sessions, bulls have repeatedly tried to push Bitcoin’s price, breaking the barriers that existed around its maximum value of $8,400, although each rally was fleeting due to remarkable pressure from sellers around its present price levels.
On the off-chance the bulls cannot keep Bitcoin past this level for an extended time, a recovery beneath this level may trigger a massive sell-off that may cause BTC to drop to the nearest support levels of $8,000 and $7,700.
In the short term, it is highly probable that Bitcoin may record tremendous volatility, as it is presently moving out of the extensive consolidation stage.
Bitcoin is presently in the procedure of moving out of its recent consolidation stage, while the BTC bulls are boosting the digital asset to their key barrier zones around $8,600 level.
However, it seems that the digital asset is presently trying to overcome its recent highs of $8,500, its present energy does symbolize the considerable strength of the bull.
Traders presently note that Bitcoin’s recent consolidation seems to be the result of the latest built stage of bullish rallies, meanwhile, buyers must maintain the digital asset past the main barrier level that it just struck for the rally to have long-term value.
Bitcoin Breaks Past the Price Level Barrier of $8,500
Supply Levels: $8,200, $7,700, $,7,500
Demand Levels: $9,000, $8,800, $8,600
BTC/USD is presently exchanging at $8,525 (+ 4.6% from the start of the day). The cryptocurrency trends within a strong bullish trend and reaches a new high of 2020 at $8,587 level.
The biggest digital money by market capitalization possesses 68.2% of the absolute capitalization. Its market capitalization is $154 billion, and day by day exchanging volume is $28 billion. Bitcoin figured out how to rally the trend for yesterday’s exchanging level of $8,000.
The consolidation enabled the bulls to pick up energy, boosting the price to highs past the $8,500 level. By and by, BTC is exchanging at $8,525 level while recovering a higher 5% on the day.
Bullish patterns, high volume, and expanding unpredictability recommend that active development is foreseen later on.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.