All Eyes Are on $8,200 as Bitcoin Continues Consolidating in Lower $8,000 Region
Despite incurring some upwards momentum over the past couple of days, Bitcoin has continued to struggle to break above its current resistance levels that exist in the lower $8,000 region, and its lack of buying pressure could signal that further downwards pressure is imminent.
Analysts are now closely watching a relatively tight range between $8,200 and $8,400 as the next region of resistance that BTC must close above in order for its journey towards the coveted $10,000 region to continue on.
Bitcoin (BTC) Stuck in Lower $8,000 Region as Sideways Trading Persists
At the time of writing, Bitcoin is trading up marginally at its current price of $8,050 and is down from 24-hour highs of just over $8,100.
Over a one-week period, BTC has posted a strong recovery from lows of $7,200 and is only down slightly from its highs of $8,300 which were set last weekend. While looking at its weekly price action, however, it is clear that BTC is currently being restrained by a strong amount of resistance existing throughout the lower $8,000 region.
Although this resistance may ultimately lead to further downside in the near-future, it is important to note that Bitcoin’s recent price action constitutes a pattern of consolidation, which may be followed by an extension of the cryptocurrency’s upwards momentum, assuming bulls step up and generate a surge of buying pressure.
Luke Martin, a popular cryptocurrency analyst on Twitter, discussed the strong resistance the crypto currently has in the lower-$8,000 region, noting that a break above this reason could lead to further upwards expansion.
“$BTC needs to crack the 8200-8400 resistance to keep the positive momentum going. Close above there and I’m expecting expansion similar to 4100, 5600 and 6800 breakouts,” he noted.
$BTC needs to crack the 8200-8400 resistance to keep the positive momentum going.
Close above there and I'm expecting expansion similar to 4100, 5600 and 6800 breakouts. pic.twitter.com/cR2C3FqOSp
— Luke Martin (@VentureCoinist) May 24, 2019
Is $10,000 BTC’s Next Stop?
Trader Mayne, another popular cryptocurrency analyst on Twitter, echoed Martin’s sentiment, explaining that although Bitcoin does have resistance between roughly $8,100 and $8,400, he believes that a break above this region could send the crypto to, or even past, $10,000.
“$BTC We broke thru the OB I was talking about yesterday and have just tested what I believe to be the final resistance between us and Namek. If we can get thru it, I expect $10,000 and possibly higher very quickly. Not a bad place to hedge/TP in case of rejection and breakdown,” he explained in a recent tweet to his nearly 50k followers.
We broke thru the OB I was talking about yesterday and have just tested what I believe to be the final resistance between us and Namek. If we can get thru it, I expect $10,000 and possibly higher very quickly.
Not a bad place to hedge/TP in case of rejection and breakdown. pic.twitter.com/ou2YKhMofq
— Mayne (@Tradermayne) May 24, 2019
As the weekend continues on and Bitcoin further attempts to confirm its footing within the lower-$8,000 region, all eyes will continue to closely watch to see if it is able to break above its imminent levels of resistance.
Featured image from Shutterstock.
The post All Eyes Are on $8,200 as Bitcoin Continues Consolidating in Lower $8,000 Region appeared first on NewsBTC.
via https://www.ohnocrypto.com/ Cole Petersen, Khareem Sudlow
