For another time, the Bitcoin bulls are optimistic. The price has, for another time, climbed back above the 200 Moving Average. This has happened for the fourth time in a row. For this and other reasons, BTC bulls are hopeful again.
The Short-Term Bullish Development
The bullish development is expected to last for a very short time. This implies that the pair of Bitcoin and USD could continue rallying further. But the bears could also be in for rude shock. This will happen if the price moves against them and rallies towards $8000 in a bullish case scenario.
A classical technical analysis has shown a case where the price could break a given level. This happens the more it tests a particular price level. BTC price has repeatedly tested the 200 Moving Average. For now, it has finally broken past it.
The Next Target For The Coin
Bitcoin now has one great target for the coming days. This is the 200-exponential Moving Average. From the look of things, the price is soon expected to break past it. At the moment, quite a lot is going on in the market. There seems to be a lot bullish momentum building in the main price levels.
BTC has been trading around the price of $7,183. This seems to be a very strong support for the coin. The price is expected to continue rallying further. This might only stop if there is a break below the level. For the foreseeable future, Bitcoin is expected to be seen trading in sideways.
New Support For The Coin
BTC has acquired a new support above the price level of $7,282. It is focused on attaining a new price of $8,000. A sharp drop from the current price levels seems quite obvious. This is not how things usually happen in the entire crypto market. Another move might be seen in the upside anytime further.
It is too early to say that BTC might rise past the high price of $8,000. But as long as the price stays above the level of $7,183, there is no need to be overly bearish. Traders might need to keenly observe the 200-exponential moving average right now. This is because if the price goes past it, then it might rally towards the Fibonacci retracement level of 38.2%. The current price is now at $7,768.
Another Reason Why The Bulls Are Hopeful
The transforming outlook of the Euro and USD forex pair is also another reason the bulls are optimistic. The pair recently closed the day above the 200 Moving Average. This happened for the first time since 2019 June. However, trader have been cautioned to wait before taking any side on the trade but Bitcoin is likely to trade above this level in the near future.
The coin could face a decline next year until the next halving but for now, the price has stopped declining below the $7,000 level.