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BTC Breaks above 8,000 in a Flash Spike

BTC Breaks above 8,000 within Minutes

Βitcoin (BTCUSD) continues the consolidation between mid 7,500 and 8,000, the daily low for BTC was at 7,493 and the daily high at 8,074. In May, BTC gained by about 60 percent, marking its best monthly performance since the huge rally back in December 2017. Ahead of the month’s close, the cryptocurrency surged to $9,090 but fell more than 11 percent in a flash crush move. The high volatility sessions quickly transformed into an intense selling pressure that brought the bitcoin price as low as $7,400 on June 4.

The picture is neutral for the largest cryptocurrency in capitalization but we expect the high volatility to prevail as cryptotraders community has split after the recent retreat. Immediate support for BTC stands now at $7,411 the low from previous week while more solid buying will emerge at the 7,000 round figure, on the upside strong resistance now stands at 8,000 round figure while I expect extra pressure from sellers at the 200 hours moving average at 8,127. The crypto market cap holds above $174.0B. Historically July and August are bad months for BTC, and if June is negative the following July is always negative.