Bitcoin has been able to once again push into the upper-$7,000 region after facing multiple rejections here throughout the past few days
The cryptocurrency is pushing up against its 200-day moving average – a key trend-determining level
A break above this 200-day MA could spark a major upside movement, with some analysts thinking this is imminent
After facing multiple harsh rejections within the upper-$7,000 region throughout the past couple of days, Bitcoin has been able to once again navigate back up to this price region.
It now appears that the benchmark cryptocurrency’s bulls are attempting to propel it past a key technical moving average that could have a serious impact on how the crypto trends in the days and weeks ahead.
It is also growing increasingly likely that bulls will be able to orchestrate a push above this level in the hours and days ahead, as BTC is flashing subtle signs of technical strength at the moment.
Bitcoin Pushes Towards $8,000 as Analysts Watch 200-Day Moving Average
At the time of writing, Bitcoin is trading up just under 2% at its current price of $7,750, marking a slight decline from daily highs of $7,800 and a climb from lows of $7,550.
The price region just above where Bitcoin is currently trading is laced with heavy resistance, partially because it coincides with multiple moving averages.
One trader spoke about these levels in a recent tweet, explaining that the cryptocurrency’s 200-day moving average is the level that could spark a “very bullish” trend if successfully closed above.
“No weird horizontal/diagonal/vertical lines – just the cloud: Green line: 21ema. Black line: 89 ema. Red line: 200ema. It would be VERY bullish to close above the 200ema, today is the 5th days of testing,” he said while pointing to the below chart.
Image Courtesy of Teddy
BTC Sees Growing Bullish Undercurrent
It remains somewhat unclear as to whether or not Bitcoin’s current technical strength will be enough to allow the crypto to surmount its current resistance.
One analyst, however, noted in a recent tweet that he believes market participants are currently frontrunning typical buy zones – an occurrence he considers to be bullish.
“BTC update: Still long from 7140. Price never even saw a 1HR close below the previous swing high. Only tapped the 0.5 fib once, and never the 0.618. I consider this bullish action, market participants frontrunning typical buy zones. Stops are safe now, looking to TP at 8K+,” he explained.
Image Courtesy of Chase_NL
If this bullish undercurrent is enough to push Bitcoin firmly into the $8,000 region, it could see a notable uptrend that is catalyzed by it breaking through its 200-day MA.
Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.
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