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Bitcoin’s Consolidation Past $8,000 Price Levels Strengthens Its Safe-Haven Status

UTC by Azeez Mustapha · 3 min read
Bitcoin’s Consolidation Past $8,000 Price Levels Strengthens Its Safe-Haven Status
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The BTC/USD is only bullish when it is trending past the level of $7,700, the critical resistance is situated at the levels of $8500 and $8,800.

BTC/USD is presently trending at $8,091 (-1.1% from the start of the day). The coin retreated from an intraday high of $8,195.81, although the trend is quite bullish.

As per Arcane Research, Bitcoin volumes have more than increased in seven days. The organization found that the 7-day normal every day exchanging volume spiked 126% all through the underlying seven day stretch of 2020 and came to $1.5 billion, exchanged on January 8, contrast with a dismal $192 million as of January 1. This scenario can be seen as a bullish action since it strengthens the narrative that Bitcoin has become a safe-haven.

Nevertheless, Bitcoin is hovering at $8,091, however, the digital currency began the session on Monday on price level at $8,180. The Asian trading hours are denoted by rising bearish and rising volatility. At the moment, Bitcoin holds positions above $8,000. Immediate growth potential is contained by price level at $8,200.

With the growing geopolitical and economic tensions, the story of safe assets came into play for Bitcoin. Sum up this with the approaching halving, complexity adjustment, and hash rate highs, and things start to look optimistic once more.

Fundstrat research company predicts that this year the coin could reach $16,000, citing some key factors, co-founder of the company and Bitcoin bull Thomas Lee turned to Twitter with the results of the company’s crypto forecast for 2020.

The underlying crucial factor is the halving, which ought to happen on May 13 according to the remaining time. Lee is certain that the halving has not yet been considered, which will prompt further progress this year.

Comparable earlier halvings in 2012 and 2016 prompted the development of positively trending markets, which prompted an expansion in assets for new record highs. Distinctive financial version, for example, stock movement, additionally proposes that there will be a positively trending market after a block reward reduction and market observation by a decrease in supply.

As indicated by Fundstrat, geopolitical tension was another explanation behind the progress of Bitcoins. The most recent price changes, that were firmly connected to traditional assets, for example, gold, are genuine confirmations that BTC is ending up being a safe-haven.

This story is required to continue consistently, as geopolitical and financial tension increases all through the world.

Near Term Forecast Sees BTC/USD Hitting $8,800

Supply Levels: $7,700, $,7,500, $7,300

Demand Levels: $8,800, $8,500, $8,200

Bitcoin’s main exchanging week is in front, as the bulls demand to raise the cryptocurrency past the level of $8,500 or accept a possible technical correction of present levels.

The level of $8,800 stays a viable mark for this week on the off-chance the BTC/USD bulls can gain momentum past the resistance level of $8,500. While plunging beneath the $7,700 level may bring about apprehension for BTC/USD bulls.

The BTC/USD is only bullish when it is trending past the level of $7,700, the critical resistance is situated at the levels of $8500 and $8,800.

On the off-chance the BTC/USD pair is trending beneath the level of $7,700, bears may test the support level of $7,500 and $7,300.

Bitcoin News, Cryptocurrency news, News
Azeez Mustapha
Technical Writer Azeez Mustapha

Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.

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