On Sunday, Bitcoin shot by around 7%. This impressive move saw the asset climb above $7,600 before meeting major resistance. On Monday, a retracement has seen the digital asset slide back to trade at around $7,553. Bitcoin had seemed to stall at the $7,100 position for much of the last week, trading sideways and giving little to report about. It was looking like it would spend the rest of the year here with price action reviving come 2020.
The weekend surge, however, has been an indication that Bitcoin is still looking to get higher. So, given the latest move, will holders be gifted with a move to $8,000 this Christmas or will we see a retracement back to previous levels?
A Further Push To $7,800 Needed To Usher In $8,000
The latest move that has seen Bitcoin gain 5% has most likely been a technical one as there has been no new or key development in the industry. Based on this, some key positions are key to determine the next couple of moves to be expected of Bitcoin. In a bullish scenario, the $7,800 position will be key.
This resistance will determine if holders see the $8,000 price mark soon. A bearish scenario, on the other hand, will be determined by the $7,400 and $7,500 price support. If Bitcoin holds up above this, it is likely to continue to push upwards, however, if the bulls are unable to hold up, Bitcoin will slip back to its previous range of $7,100.
Popular analyst and trader Michaël van de Poppe noted on Twitter that he believes that Bitcoin will continue pushing for the $7,800-8,000 resistances later next week. This then means that although Bitcoin may not gift investors with a move to $8,000 on Christmas, it could be wrapping it for New Years’.
Altcoins Record Moderate Gain
Altcoins have also in the last 24 hours recorded moderate gains. Top altcoins like ETH, BCH, LTC, and EOS have all recorded gains of more than 2.5%. Others like XRP and TRX are also in the green but recording marginal gains of a little over 1%.
Clearly it is all positive at the start of the week. Crypto enthusiasts can only now hope that this continues to be the trend and cryptocurrencies close the week strong as strong if not stronger as they have started it.