Bitcoin Rallies To $8,300 With a 6% Increase: What’s The Next Stop?

The US evening trading session this Monday was very interesting, especially for the Bitcoin price news and updates. We can see how Bitcoin rallies to $8,300 which is its current level now, after an increase from the $7,000 region which opened the door to a new stronger momentum.

The 4-hour close above $7,600 pulled the price of the most dominant cryptocurrency above the 50-day moving average (MA) and provided the bulls with enough confidence to push the Bitcoin to set a daily higher high which was not seen since November 21 last year, when BTC traded for $8,122.

As Bitcoin rallies to new levels, the price is also closing in on the 200-day moving average (MA) and this point is also within $40 of the main trend line of the long-term descending channel which formed when Bitcoin topped out at $13,800 on June 26.

Now, traders are keeping a close eye on the latest Bitcoin and altcoin news and rumors, and the potential for an even greater move in the news. The zone has experienced a lot of rejections in the past, especially for BTC nearing the $9,000 region, which is why many anticipate for the coin to push back at this level and book profits.

What’s realistic is the fact that in the daily time frame, the relative strength index (RSI) as Bitcoin rallies to new price points has reached 64.5 which is bullish territory – but also a level close to the one where the indicator pulled back in October, August and July last year.

According to the crypto analyst Philip Swift and his recent Twitter update, Bitcoin (BTC) was re-approaching what he describes as the crucial 2-year moving average. He said:

“Still a lot of the day to go for $BTC but on the 10th (!) attempt I think we are finally going to get the close above the 2yr MA. Pump it! “

At press time, traders are waiting to see if the fact that Bitcoin rallies to $8,300 could mean $8,500 in the near term or a healthy pullback to the $7,750 region. The overall cryptocurrency market cap is now at $219 billion and Bitcoin’s dominance rate has risen to 68%. A number of altcoins also followed Bitcoin’s price action.