Crypto Surges Hitting 8,000 USD!

Daily volume had trailed off by half over the past few days but had already started to ramp up yesterday morning. Bitcoin price has remained range-bound between $7,250 and $7,400. It broke out of this channel during the Asian session and surged 9 percent to hit $7,920 according to Coinmarketcap.com.

A number of prominent analysts were eyeing $6,400 or lower for a possible retracement. It appeared that Bitcoin was taking a breather, possibly poised to drop back to major support zones last Saturday.

According to Twitter crypto market analyst, Josh Rager, wrote:

“CNBC calling head & shoulders… And I really wanted to buy the dip down too low to mid $6ks. Was a clear counter indicator as Bitcoin is starting to pump. “

The next move for BTC is likely to be above $8,000 again with huge resistance at $8,200 where it reached during the week. Rager added that a close above this price on the daily/weekly would be very bullish with the next targets being upwards of $9,000. He specified $9,600 adding;

There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216. Weekly volume looks amazing. $BTC – Weekly Chart

To clarify, why $9600 is because this is viewpoint from higher time frame charts

There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216.

— Josh Rager

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News Reference: https://coinhooked.com/crypto-markets-surge-18-billion-as-bitcoin-heads-back-to-8k