Bitcoin, which exceeds 8 thousand dollars, continues to rise

Bitcoin’s minor wobbles during Asian hours are over and the price looks positive for now, according to technical charts.

Bitcoin’s price is $8,165, which is up 3.9% from the overnight low of $7,573. around. However, Bitcoin is still lower than the previous day’s high of $8,582.

Even though Coinbase’s GDAX exchange saw $8,650 yesterday, the troubles in the trendline support pushed prices down to $7,535.. However, this decline did not last long and Bitcoin reached the threshold of $ 8,000 again in the morning.

The comments made by the US Securities and Exchange Commission and the Commodity Futures Trading Commission about cryptocurrencies can be cited as the reason for these positive developments in price.

4-Hour Bitcoin Chart

Image: Coindesk

The trend line (! ). one of the things that could give off could be the volume drop that can be seen on the 4-hour chart. The drop in volume raises the question of how long the upward trend can be sustained.

However, considering that the 5-day and 10-day moving averages (MA) are sloping down, Bitcoin may have a hard time staying above the $8,572 level.

• Bitcoin’s closing the day above its 10-day moving average may be enough to say that BTC saw its lowest level on February 6 ($5,873) and is now past those levels.
• Uptrend scenario: Failing to stay above the trendline (1) and falling to $7,535 may mean having to travel back to $5,873.

Join our Telegram channel to stay up to date with all the developments and posts!