All Eyes Are On $8,000: Bitcoin Needs To Go Higher Now

Similar to Bitcoin Cash, Ether, XRP and other altcoins, Bitcoin rose over the past week and all eyes are on $8,000 now as its must-reach target.

For those of you who did not follow our crypto news over the past few weeks, you should know that the most dominant coin has performed surprisingly well, rallying as high as $7,100 (on Bitstamp) just days ago and 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 as we speak.

For many, the natural level coming before $8,000 is the $7,000 mark. As Bitcoin consolidates in the mid-$6,000s, the momentum will determine which way the cryptocurrency will head to next.

All eyes are on a potential surge now. The cryptocurrency remains below a number of key resistance levels, as pointed out by noted Bitcoin trader filbfilb, who called BTC’s price action for all of Q4 of 2019 and in January this year.

A recent analysis that he gave on TradingView shows that filbfilb thinks that the Bitcoin price news are oriented on reaching the $8,000 levels. All eyes are on this level as he seat – describing it as one that has “the worst cluster of resistance seen since the bear market of 2018.”

Indeed, the analyst noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks) because of:

• 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.

The big question remains to be asked – “does BTC have the potential to clear $8,000?”

Analysts, however, are divided when it comes to the answer. According to previous reports on our site, BTC is in the fourth phase of the BARR bottom and all eyes are on an outbreak now. The surge should come past the phase one highs around $9,000 in the coming week or two, meaning that the whole capitulation could be shortly reversed.

Some traders continue to say that Bitcoin is quite linked to other markets, while others think that the cryptocurrency can only benefit from the ongoing crisis with the spread of the deadly COVID-19 virus. Anyways, we haven’t seen a memorable surge from BTC so far which shows that for now, the cryptocurrency is not linked to either of these actions.