Bitcoin Finds Support to Keep Knocking on $8,000 Door

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Bitcoin Finds Support to Keep Knocking on $8,000 Door

After a harrowing two days for short term traders, where Asian markets fought to keep the price levels above USD 8,000, Bitcoin price finally found strong support at levels above USD 7,850. In the past 24 hours, the price range has narrowed, with several unsuccessful attempts to break the new range above USD 8,000.

After recording two new highs in 2019 with strong surges past USD 8,300, profit taking is helping prop up that resistance levels, especially when some were able to rebuy at USD 7,300, so an easy 10% scalping was too tempting.

Nevertheless, the signs of accumulation and reaccumulation are still there and there are many who believe that there is still more fuel to push to greater heights. One factor gaining credibility is the eroding confidence in the stock markets in the US that will see more cash flowing into alternative stores of value such as Bitcoin.

This week’s pullback also seems to have been long expected after many consecutive weekly gains since April, but fund managers Arca and BitBull Capital who predicted it last week are among others believing in strong gains come June.

However the conditions of the current market, even traditional finance experts cannot deny that Bitcoin is still the best performing asset in 2019, within and out of its class. This, according to financial advisory firm Tier 1 Investments, is due to its rising popularity.

 

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