BTCUSD: Bulls take full control

Βitcoin (BTCUSD) continues higher today breaking above the 8,400 mark at 8,402. The daily low for BTC was at 8,168 and the daily high at 8,422. Bitcoin capitalization jumped 2.30 percent at 149 billion. The market capitalization of the top 100 cryptocurrencies also jumped to 264 billion. In May, BTC gained almost 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 BTCUSD price as low as $7,400 on June 4.

The picture is bullish for the largest cryptocurrency in capitalization but it has to hold the 8,000 mark which have turned now into a strong support. Next support for BTC stands at $7,855 the low from yesterday while more solid buying will emerge at the 7,411 the low from the previous week. On the upside strong resistance now stands at 8,422 today’s high, while I expect extra pressure from sellers at 8,500 and then at 8,700. Historically July and August are bad months for BTC, and if June is negative the following July is always negative.