Bitcoin Continues Rally To $8,000 With New Weekly High

The price of Bitcoin just set a higher high today and managed to get very close to the $8,000 level which has been a major psychological mark for some time now. The Bitcoin price news now show that the dominant coin is trading near $7,950 and if the bullish action continues, we can see a new level for the cryptocurrency today. The good news is that Bitcoin continues rally to this level as BTC price bulls attempt to conquer new territory before the block reward scheduled in May.

The BTC price has secured another higher high above $7,900 which is a solid increase as traders continue to press for a break of the resistance at $8,000. As the BTC halving date nears, investors are hopeful that the top-ranked cryptocurrency can at least break above the 100-day and 200-day moving average in order to tackle another key resistance level at $8,500.

As of recently, the popular cryptonews analyst and contributor @filbfilb explained that “breaking the confluence of resistance at $8K will be a tall order for the bulls.” The trader also posted the chart and tweeted the following:

Ridiculously tight cluster of MAs overhead;

-100 DMA
-200 DMA
– 20 WMA
– Year VWAP
– 61.8% Retracement
– Yearly Pivot

Yet #Bitcoin seemingly persists for more.

Squeeze in PA will result in expansion / volatility.

I favour a look up & then we will see.. pay-attention time. pic.twitter.com/p4yt9XTyY5

— f i l ₿ f i l ₿ (@filbfilb) April 28, 2020

Basically, the Bitcoin bulls are now trying to maintain the mark above $7,900. As Bitcoin continues rally to new levels, we can see that a new push could definitely do good for the coin, especially in terms of safely guiding it above the 61.8% Fibonacci levels.

Such a move seems likely to occur at some point this week. As discussed before on our website, many analysts across crypto Twitter are predicting Bitcoin to rise above $8,000 and provide new gains in the near term. One of them is Michael van de Poppe, who cautioned against a couple of risks, mainly including the sell pressure and the need for traders to “stay calm and have a plan when going into the halving.”

Events like the halving could trigger an increased level of FOMO by people and the media outlets.

However, once people realize that the event doesn’t have an impact short term, sell pressure will also be strong.

Stay calm and have a plan going in to the halving. $BTC

— Crypto Michaël (@CryptoMichNL) April 28, 2020

If Bitcoin continues rallying above $8,000, the BTC price is likely to test the $8,300 and $8,500 waters. However, a correction would mean a reversal back to $7,750 and if this level fails to hold, we can see the next support at $7,600.

Meanwhile, the altcoin news also shows positive action. Today, we can see Ripple’s XRP token surging at 7.
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61% and Ethereum following with a 5% surge which brought the ETH price above $200.