BTC Price Analysis: After Regaining Past $8,200, Bitcoin Bullish Strike Returns Due to Block Reward Halving Sentiment


*CoinMarketCap data revealed that, after a seven-week pause, BTC/USD has now breached the $8,200
*The first digital coin is currently changing hands at $8,315, but the traction on the upside is increasing
*The optimism continues to gain upward as Bitcoin Bullish strike returns due to the Block reward halving sentiment

BTC/USD Daily Chart

This previous resistance established by a pairing of 61.8 percent retracement to shift downside from high February 2020 and daily MA 200, currently acts as strong support. The first digital coin’s price has gained more than 7 percent as of the beginning of the day. BTC/USD is on a medium-term bullish trajectory as volatility increases.

BTC/USD 4-Hour Chart

At the downside, a previous psychological $8,000 provides the initial support. Taking into consideration that this support has acted as significant resistance, supported by daily MA 200, the reversal is probably to be stalled and a further bullish phase initiated. If it’s breached, nonetheless, the sell-off will move to $7,500, this limit has acted as a level of resistance in past days, now it’s being strengthened by 4-hour MA 50. Once it is breached, the sell-off may go on to $7,300 with the ascending trendline beneath the psychological barrier.

Image Credit: Shutterstock

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