Bitcoin Price Prepares to Test $8K After Bull Breather

Bitcoin Price Prepares to Test $8K After Bull Breather

Bitcoin's (BTC) minor price pullback yesterday has likely recharged the bulls for a rally towards $8,000, technical charts indicate.

The leading cryptocurrency has spent a better part of the last 15 hours trading in the $7,240–$7,440 range, having clocked a 40-day high of $7,588 at 18:00 UTC yesterday.

Moreover, BTC was looking overbought at multi-week highs, hence a minor correction was expected.

More importantly, the price pullback and the subsequent consolidation, when viewed against the backdrop of the high volume inverse head-and-shoulders breakout, indicate that BTC has likely gathered steam for a more sustainable rally towards $8,000.

At press time, BTC is changing hands at $7,400 on Bitfinex – up 0.2 percent on a 24-hour basis.

Daily chart

While BTC's rally has stalled in the last 24 hours, the bias remains bullish since prices are holding well above the inverse head-and-shoulders neckline support (former resistance) of $6,838.

The relative strength index (RSI) is hovering above 50.00 (in bullish territory).

The 5-day and 10-day moving averages (MAs) are trending north, indicating a bullish setup. The chart also shows a bullish crossover between 5-day and 50-day MAs.

What's more, the Bollinger Bands (standard deviation of +2, -2 on the 20-day MA) are beginning to rise in favor of the bulls and the upper Bolliger Band is offering price support.

Clearly, bitcoin remains on the hunt for $8,000 and the short duration chart indicates the move could happen in the next 48 hours.

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