Bitcoin Pinches $8,000 as Bulls Gather Strength

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Bitcoin Pinches $8,000 as Bulls Gather Strength

After months of Bitcoin bulls powered by the Asian trading market, Bitcoin price this week has been showing the strength of Europe bulls, with Bitcoin briefly breaking the USD 8,000 mark just as office hours began in Central Europe (9:15 am UTC, CoinDesk).

It was quite a turnaround from only half a day earlier when Bitcoin hit its 24-hour low at USD 7,459, and Bitcoin bulls do seem to be gathering strength right now as levels hover well above USD 7,975. Yesterday, analysts were beginning to wonder if the rally had already run out of steam, with several technical analysts producing charts that showed trendlines had already been broken.

Others believe that this week produced a double bottom for the short term, though, signaling a possible recovery above USD 8,000 and back into familiar territory from just two weeks ago. This rebound already appears to be happening right now.

Some pointed out just hours before USD 8,000 was breached, that this should have been expected since the bears were not able to close below the 4-hour block, so an exit above the area was on the cards.

There are a few hours more at least before North American markets take over the shift, however, and it could be that profit taking at these levels may prove too tempting. In that case, the wait for a breakthrough past USD 8,000 will have to wait for the weekend.

 

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