Home Cryptocurrency Bitcoin Bitcoin receives strong bullish support in 8,000 USD area

Bitcoin receives strong bullish support in 8,000 USD area

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Bitcoin edged higher on Friday, rising back to 8,000 USD area after defending key support for two consecutive days and may remain well bid over the weekend. The leading cryptocurrency by market value is currently trading at 7,960 USD at 07:40 a.m. ET, having hit a high of 8,020 USD earlier today.

Bitcoin gainer more than 1.2% on the daily chart and prepares to attack 8,000 USD resistance and head upward, receiving strong bullish support.

The cryptocurrency ran into offers around 7,900 USD in the early US trading hours on Thursday and fell back to 7,450 USD. However, much like Wednesday, the drop below the 200-candle moving average (then located at 7,588 USD) was pretty short and the cryptocurrency turned up.

With the rise back to 8,000 USD, Bitcoin has charted a bullish technical pattern on one of the short-duration charts. As a result, the recovery rally may continue, with prices rising to 8,400 USD over the weekend and even gain over 9,000 USD in most optimistic forecasts.

The weekly close (Sunday, as per UTC) will also be key. Bitcoin witnessed solid two-way business last week before ending on a flat note, a sign of indecision among buyers.

Crypto market recap

The cryptocurrency market is on the rise today with bulls dominating the market. The total crypto market value rose to 254.644 billion USD, recovering the earlier loss.

The cryptocurrencies Ethereum and Bitcoin Cash are slightly up by up to 1%, while Ripple’s XRP jumped by 4.3% to 0.4197 USD after Thailand’s largest commercial bank, tweeted yesterday that it was planning to utilize XRP shortly.

Litecoin is also sharply into the green, adding 8.1% during the day to 112.87 USD. There is little doubt that the Litecoin halving, which is only 60 days away now, is driving momentum. After this date the block reward halves from 25 to 12.5. This has the perceived effect of decreasing the supply while increasing the difficulty to mine new coins. Halving has been written into the code to control inflation and prolong network longevity. Additionally, Litecoin hash rate is at an all-time high of 374T as is a difficulty. This is a measure of computational horsepower on the network and number of miners supporting it, which also extremely bullish for demand and price.

Among the worst performers today is Bitcoin SV, which fell by 1% to 197.41 USD. TRON declined by 0.43%.

XRP price analysis

The price of Ripple’s XRP shows positive signs against the US dollar and Bitcoin. The cryptocurrency can continue to climb to higher levels in subsequent sessions after clearing the key resistance zone at 0.4250 USD.

After a strong downward trend, the price found support close to the 0.3840 USD. The XRP/USD pair is traded at a bottom of 0.3837 USD and recently began a correction upwards. It recovered from the resistance of 0.3950 USD to move to a short-term bullish area.

ripple

There is a breakthrough over 23.6% Fibo adjustment rate from the recent drop from 0.4653 USD to 0.3837 USD. There was closing on the resistance of 0.4000 USD and the 100-hour simple moving average.

Moreover, there was a breakthrough over the bear line trend line and the resistance of 0.4010 USD on the XRP/USD chart. The pair is now trading over the resistance of 0.4150 USD and the 100-hour SMA.

On the upside, the immediate resistance is close to 0.4250 USD. The 50% Fibo adjustment rate from the recent decrease from 0.4653 USD to 0.3837 USD seems to act as a strong resistance. If there is a break above 0.4250 USD, the price may continue to rise in the near future.

The next key area of ​​resistance is close to the level of 0.4340 USD. It represents the level of 61.8% Fibo rate from the recent drop from 0.4653 USD to 0.3837 USD.

A successful breakthrough over the resistance of 0.4340 USD could start a strong upward movement of more than 0.4400 USD. In the aforementioned bullish case, the price may even be traded at the level of 0.4500 USD. On the downside, the initial support is close to 0.4150 USD. If there is a break below 0.4150 USD, the price can repeat the test on 0.4000 USD support.

The price of XRP shows many positive signs above the level of 0.4150 USD and the 100-hour SMA. Therefore, there are chances for higher goals over 0.4340 USD and 0.4400 USD in subsequent sessions.