We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Bitcoin – BTCUSD Price Rallies 5% Breaks Above 8,500

Bitcoin BTCUSD
Bitcoin BTCUSD

Bitcoin price rallied yesterday making fresh yearly highs after consolidating for four trading sessions above the $8,000 mark. Bitcoin breached the descending trend line with resistance near $8,100 on the daily chart and BTCUSD adding to bullish momentum. As of writing BTCUSD adds 4.75% at $8,489 with the capitalization at 154.25 billion.

Yesterday we discussed the chance of a break above the resistance at $8,200 as the momentum is positive for bitcoin. While today as the bulls are in the driver’s seat a close above the 8,500 mark might initiate another leg higher.

Yesterday in the CME we had the start of the options on bitcoin futures trading with the volumes very low as expected. There are some 54 options changed hands in the first trading session and their notional value is about $2.3 million.

Read our Best Trading Ideas for 2020.

Bitcoin – BTCUSD Technical Levels to Watch

Bitcoin trades close to two-month highs as the momentum is bullish above the 100-day moving average. If the number one crypto pair settles today above the $8,500 mark might attract more buyers to join the action.

Crypto traders attention has shifted to higher levels now and BTCUSD will meet the first resistance at $8,580 the daily high. If bitcoin breaks above the next resistance stand at $8,808 the high from November 15th. Bulls will gain full control of BTCUSD above the 200-day moving average at $9,097.

On the flip side, initial support for bitcoin will be met at $8,105 the daily low and then at $8,000 round figure support. If BTCUSD breaks below $8,000 level the next support will be met at $7,934 the 100-day moving average.