Bitcoin Price surges past $8,000 as traders eye $10,500

bitcoin

Bitcoin is a momentum trade. It turns and twists wreaking accounts and building some.

13 days to a definitive halving where miner rewards will be slashed by half in an emission shock, price is already flaring.

At the time of writing, the world’s most valuable coin is up an impressive eight percent in the last trading day.

Coronavirus fears

The expansion has seen the total reversal of losses incurred on Black Thursday.

Then, BTC prices literally halved, sinking to lows of $3,800.

There were fears that those losses will spur more because of COVID-19 fears. Coronavirus was already–and continues, to disrupt the global economy of which Bitcoin is a big part of.

However, the rebound in price is reinstating the coin’s status as a safe haven.

In seven weeks, BTC bulls have reversed losses of March 12. Remarkably, all this is without the government’s intervention and central bank money printing.

Bitcoin addresses spike

At the same time, the number of Bitcoin addresses with over 0.1 BTC rose above 3 million for the first time in the coin’s brief history.

A review of Bitcoin’s new addresses on a QoQ basis reveals that adoption is on the rise and new users continue to opt for a borderless coin that can also serve as a store of value.

Combined, this reveals how investors are confident on Bitcoin’s prospect in the face of fiat devaluation.

BTC/USD Price Analysis

Bitcoin Daily Chart for April 29

Week-to-date, BTC is up 21 percent, racing past an important resistance line at the $7,900-$8,000 zone.

Although volumes are light relative to the strong devaluation of March 12, bulls are steady.

As prices edged higher, the expectation among traders thanks to halving which is scheduled in the next 13 days could be the impetus behind BTC’s resilience.

From the daily chart, the middle Bollinger Band, or the 20-day moving average, is the immediate resistance. Based on candlestick arrangements, it is likely that bulls will continue to press higher.

Not only has there been a surge in trading volumes in lower time frames but candlesticks are also banding along with the upper BB hinting of strength. As long as prices hover above $8,000, aggressive traders can search for entry with first targets at Feb 2020 highs of $10,500.

On the flip side, any dip below this level and the 20-day moving average will invalidate this projection in a bear trend reversal pattern that could see BTC retest $6,500.

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.

Dalmas Ngetich

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies. Enjoying the opportunity to help educate bitcoin enthusiasts, he writes insights and coin price chart analysis.

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