This morning, BTC price broke through the $8,500 barrier and hit a high of $8,621.28. Currently, it is trading at around $8,158.85 as of 12:30 PM EST.

Further Gains Ahead?

As mentioned in our analysis yesterday,  a resistance level was established for BTC at $8,300. This was tested earlier today, and a couple of bullish trend lines were formed leading up to BTC’s peak for the day.

This means that the market for BTC has mostly stabilized, especially in light of news that European banks could start holding the leading cryptocurrency shortly. Also, reports were coming out today quoting cryptocurrency billionaire Cameron Winklevoss, who described Bitcoin (available on Coinbase) as “better than gold” and claimed that “there’s a potential appreciation of 30 to 40 times.”

Source: Tradingview

Given today’s price action, BTC could see further gains in the coming hours. Things are pointing up for BTC at the moment, as both MACD and RSI indicators are sending bullish signals.

A new support is set in the range of $8,150 to $8,200, and the candlesticks are showing a bullish pattern should this support hold. Also, a new resistance range that needs to be tested is from $8,300 to $8,350.

Looking at the Technical Indicators:

MACD — the MACD line has just crossed over the signal line, showing a bullish trend
RSI — the RSI score is below 50, so further gains are expected
Short-term Support Level — $8,150 to $8,200
Short-term Resistance Level — $8,300 to $8,350

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.