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Bitcoin Tops $8,800, A Breakout Above Recent Highs Will See “Massive Explosion”

Bitcoin Tops $8,800, A Breakout Above Recent Highs Will See “Massive Explosion”
  • Bitcoin climbs to $8,780 level, last hit in early June
  • Reclaiming $8,400 will have us aiming for $9,800
  • BTC beginning to test the recent highs around $8,700 – $9,100, a breakout will take us to $13,500

The leading cryptocurrency is back to moving up as we add $600 in less than 24 hours. For the past five days, BTC price has been moving in the upwards direction and yesterday it took one step further when we climbed to $8,740 level.

At the time of writing, BTC/USD has been trading at $8,689 with 24 hours gains of more than 5 percent after touching $8,780 level today at one point. This level was last hit on June 2nd, 2019.

As we reported yesterday, Bitcoin surged to $8,400 but this move was backed by low volume which is not a good sign for the price of an asset. Today, however, the volume seems to be growing as well as Bitcoin manages the daily trading volume of $963 million, up from $820 million from yesterday, as per Messari’s Real 10 volume.

This uptrend in Bitcoin price could be because Binance will no longer support US customers and now they have to sell their altcoins back and turn them into Bitcoin, Ethereum, Bitcoin Cash, XRP, EOS among others that are supported by US complaint exchanges like Coinbase.

Possible Scenario for Bitcoin Price Action

According to trader and analyst Luke Martin, currently, the bitcoin chart is the “most exciting” one that is going into the weekend.

Though, on the weekend, crypto-assets doesn’t see much activity, since the early April movement and especially the bull rally of May, we have come to see huge developments during the weekend as well.

If BTC price reclaims, $8,400, Martin sees the trend higher to resume and once this is confirmed, he will be aiming for $9,800. Being this close to $10,000 can be expected to yet again breach this crucial level which according to experts will kick in FOMO among the people.

Analyst Magic Poop Cannon is also bullish on Bitcoin price which is beginning to test the recent highs around $8,700 – $9,100. If we breakout above this level, according to him we would be seeing a “massive explosion” and can potentially climb to $13,500.

Though there are several resistance levels on the way up, $13,500 is the target of the confirmed downtrend channel breakout that lines perfectly with the 618, explains Magic.

Bitcoin’s price is $8,783.41 BTC/USD exchange rate today. The real-time BTC market cap of $156 Billion currently ranks #1 with a chart dominance at 56.54%, daily trading volume of $5.62 Billion and live coin value change of BTC 2.01 in the last 24 hours.

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Bitcoin Market Price Chart in RealTime

Source: BEG

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