Bitcoin (BTC) has been able to hold its ground, as well as the gains it amassed last week, in the midst of a market selloff, and the digital currency is gathering momentum to surpass its next target which is the $8k level. Over the weekend, Bitcoin (BTC) lost about 3 percent of its value during a quick selloff from investors, and it declined below the $7,350 mark.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) – the largest digital currency in the world by market cap – Is trading at $7,720 after an increase of over 4.2 percent over the past twenty-four hours. The market cap of the digital currency has also risen to $131.31 billion and its trading volume over the past twenty-four hours is $4.10 billion.
In less than twenty-four hours, the digital currency showed strong signs of recovery and it broke its key resistance at the $7,575 mark. The preceding exponential moving average bull run indicated a bullish break over the previous resistance at the $7,370 mark, and this has caused the value of the digital currency to increase by over 3 percent, opening the door for the selloff that took place earlier today.
Bitcoin (BTC) Could Test the $8k Mark Soon
If the present momentum continues, the 55-Day exponential moving average will likely cross the short-term averages once more, building up another possible bullish trend that could take the value of the digital currency over the $8k mark in the near-term.
The daily trading volume of the digital currency has also increased significantly, and this could be another bullish sentiment that could help maintain the gains of the coin. Also, the bearish technicals in the MACD and the relative strength index could stall prices in the near-term, and this may last for a while as the hunt continues.