• 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
  • Invest BTCTry
  • Join STC ICOBuy
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
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

All Eyes On $8,000: Why Bitcoin Needs to Clear This Crucial Level

Nick Chong by Nick Chong
1 year ago
in Bitcoin
Reading Time: 3min read
All Eyes On $8,000: Why Bitcoin Needs to Clear This Crucial Level

Young woman holding keys hugging husband in front of their new home after buying real estate

Advertisement

Over the past few weeks, Bitcoin has performed surprisingly well, rallying as high as $7,100 (on Bitstamp) just days ago, surging higher from the $3,800 bottom seen during the March 12th to 13th capitulation. Even though the bull trend has been exhausted, BTC continues to trade at $6,600, consolidating in the mid-$6,000s as it determines which way to head next.

Related Reading: House Democrats Propose ‘Digital Dollar’ in Move Big For Bitcoin: Here’s Why

Despite this price action, the cryptocurrency remains below a number of key resistance levels, as pointed out by noted Bitcoin trader Filb Filb, who called BTC’s price action for all of Q4 and in January.

Bitcoin Needs to Break Past $8,000

In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.” Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
  • The 200-day moving average.
  • The 100-day moving average.
  • The 50-day moving average.
  • The 20-month moving average.
  • Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
  • And the yearly pivot level.

Can It Clear That Level?

The pertinent question remains — does Bitcoin have the potential to clear $8,000?

Analysts, unfortunately, are divided about this question.

Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.

As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.

The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin. As explained by Chris Burnisike, partner at Placeholder Capital:

“If we get another “sell everything” moment in global markets, as we did the week of 3/9, Bitcoin & crypto will not be spared.”

This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.

The analyst further explained that there’s also no telling which crypto companies, including Bitcoin exchanges, will be affected by the global fallout of a recessionary event, further putting BTC at risk of collapse.

While the stock market saw extremely strong two days of green on Tuesday and Wednesday (with Tuesday registering a multi-decade record in terms of the Dow Jones’ daily % gain), COVID-19 continues to spread at a growing rate around the world while countries have announced extreme unemployment, seemingly suggesting it may take a while for the economy to get back on its feet without help. 

Featured Image from Shutterstock
Tags: bitcoin pricebtcusdFilb Filbmarketresistancetechnical analysis
TweetShare
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
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin BTC BTCUSD Dogecoin DOGE

How r/WallStreetBets Triggered DOGE Rally – Reasons for Bitcoin Sell-off

19 hours ago
bitcoin price prediction

Bitcoin At $100,000: Estimating The Chance Of Six Figure BTC In 2021

2 days ago
Latest Bitcoin Dip Did Little In Offsetting "Wildly Bullish" Bias; Here's Why

Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

3 days ago
Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

3 days ago
bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

4 days ago
Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

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

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

XRP Triples Within Weeks, Will the Bull Run Continue?

April 17, 2021

User-Friendly Interface Is Key to Wisebitcoin’s Steady Growth

April 16, 2021

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 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
  • Invest BTC
  • Join STC ICO

© 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.