Over the past few weeks, Bitcoin has performed surprisingly well, rallying as high as $7,100 (on Bitstamp) just days ago, surging higher from the $3,800 bottom seen during the March 12th to 13th capitulation. Even though the bull trend has been exhausted, BTC continues to trade at $6,600, consolidating in the mid-$6,000s as it determines which way to head next.
Despite this price action, the cryptocurrency remains below a number of key resistance levels, as pointed out by noted Bitcoin trader Filb Filb, who called BTC’s price action for all of Q4 and in January.
Bitcoin Needs to Break Past $8,000
In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.” Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):
- The 200-day moving average.
- The 100-day moving average.
- The 50-day moving average.
- The 20-month moving average.
- Bitcoin’s 61.8% Fibonacci…
To read the entire article click here
Author: Nick Chong