• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Analyst: Bitcoin Must Close Above $8,200 In Order for Bullish Momentum to Extend

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
New Browser Extension Hopes to Make it Easy to Get Used to Using Bitcoin in Retail
Advertisement

Bitcoin has once again incurred a sudden influx of buying pressure that has allowed it to continue climbing higher after briefly dipping as low as $7,500 over the past couple of days. Although BTC’s surge back above $8,000 is certainly positive, it is still struggling to move higher as it faces strong selling pressure around its current price.

Analysts are now noting that Bitcoin must continue to surge and decisively close above $8,200 or else the cryptocurrency’s bullish momentum may stall, leading to another pullback.

Bitcoin Tepidly Advances Past $8,000 

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $8,070, up significantly from its recent lows of $7,500 which were set this past Thursday.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Because Bitcoin reacted strongly to this sharp move towards $7,500 and has been on the up and up ever since, it is highly likely that this will become a strong level of support for BTC in the near-term.

Although BTC has once again moved into the $8,000 region, it is important to note that it has not been able to break above its next resistance level that exists around $8,200, and a failure to close above this level could mean that further losses are imminent.

Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of the $8,200 level in a recent tweet, explaining that a failure to climb above this level could lead to further losses in the near-future.

“$BTC Update: Meme triangle currently holding Bitcoin in same formation. Pair with horizontals to see big picture, want to see Bitcoin close above $8203 on daily to feel bullish. Otherwise, consolidation continues and is natural after a strong price push up over past few months,” he explained in a recent tweet.

$BTC Update

Meme triangle currently holding Bitcoin in same formation

Pair with horizontals to see big picture, want to see Bitcoin close above $8203 on daily to feel bullish

Otherwise, consolidation continues and is natural after a strong price push up over past few months pic.twitter.com/T4UZaJsIFY

— Josh Rager ? (@Josh_Rager) May 24, 2019

Analyst: Large BTC Price Movement Could be Imminent 

Because Bitcoin is once again nearing a key price region, there is a strong possibility that it will make a large price move in the near-future.

Chonis Trading, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, noting that he expects the crypto to make a big move tomorrow based on its fractal formations.

“$BTC – ‘Fib Time Zones’ have been pointing to a major #bitcoin move on May 25th which is tomorrow,” he said.

$BTC – “Fib Time Zones” have been pointing to a major #bitcoin move on May 25th which is tomorrow… pic.twitter.com/32O10z39a7

— Big Chonis Trading? (@BigChonis) May 24, 2019

Mati Greenspan, the senior market analyst at eToro, echoed a similar sentiment, noting that he believes a small $200 move could lead to a much bigger price movement.

“At this point, a $200 move in the price of bitcoin could easily lead to a move of $2,000,” Greenspan said in a tweet.

At this point, a $200 move in the price of bitcoin could easily lead to a move of $2,000. $BTC

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 24, 2019

As the weekend kicks into gear and traders determine whether or not BTC is able to move above its resistance level around $8,200, traders will likely gain better insight into whether or not Bitcoin will be able to continue climbing higher in the near future.

Featured image from Shutterstock
Tags: bitcoinbtccrypto
TweetShare74
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

payment gateway

Open Source vs. Ready-Made Payment Gateways: Which Crypto Processing Option Is Easier to Implement

15 mins ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

5 hours ago
coinsbit

In Honour of Coinsbit 3rd Anniversary, the Exchange Is Launching a Unique Staking Pool With 30 Bitcoins up for Grabs, Tickets to the Maldives and More

5 hours ago
okb

OKB Continues to Break its Own Price Records, Hits a New ATH After Crossing $22 Mark

6 hours ago
Binance, Binance Coin, BNBUSD, BNBBTC, cryptocurrency

Binance’s BNB Spikes Wildly as Crypto Market Recovers $250bn; What’s Next?

7 hours ago
bitcoin btc

Bizarre Bitcoin On-Chain Correlation With Fear And Greed Index Discovered

17 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.