Bitcoin Persists in Battle to Reclaim Crucial $8,000 Resistance Level

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In Brief
  • The Bitcoin price is trading inside an ascending channel.

  • It has found support above the 50-hour moving average, but is facing resistance from the 200-day MA.

  • The confluence of resistances doesn't foretell a bright outlook for BTC.

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The Bitcoin price is trading inside both a long and short-term ascending channel. The price is approaching a confluence of resistance levels found near $8,000. A definitive breakout above this level could indicate that the price has begun a new upward trend. Bitcoin's Ascending Channels The Bitcoin price is trading inside an ascending channel since April 23. At the time of writing, it
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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