Story by: John Isige
Bitcoin bulls are in action at the time of writing. Bitcoin has jumped above the key $8,000 with support from the 50 Simple Moving Average (SMA) 1-h and the 100 SMA 1-h. Prior to the brief recovery, Bitcoin explored the levels heading to $7,700 yesterday. The lower correction was as a result of Bitcoin failing to correct above the hurdle at $8,100.
Looking back at the weekend trading, Bitcoin formed another support at $7,500. This served as confirmation that, amid the bear pressure, BTC/USD still had the energy to stage a recovery. A reversal from this support has for a couple of days remained limited under $8,100.
At press time, Bitcoin has hit highs above $8,200. Breaking this technical level has been key to the bulls who have been eyeing $8,500 and $9,000. It appears that the rendezvous point for Bitcoin in this current surge is $8,500. Support above $8,400 will bring $9,000 into sight and encourage bulls to increase their positions.
Original story: https://www.fxstreet.com/cryptocurrencies/newsby