After stalling at $7,800 yesterday, Bitcoin managed to surge by 7.8% today to break above the resistance at $7,800 and break above $8,000. The coin continued to climb further higher above $8,000 as it reached the $8,430 level before finding resistance.
This price jump is not surprising when we consider that the BTC block halving is just 12-days away now. With this event, we will see the BTC block reward being slashed in half from 12.5 BTC per block to just 6.25 BTC per block. This would put some pressure on the smaller mining operations and will force many of them to close down.
The hash rate for the entire market is starting to climb right now and we can expect it to continue to rise until the block halving event. After the event, we might see the hash rate drop significantly.
BTC/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can clearly see BTC stalling yesterday at $7,800 as the bulls took a break from their 7-days of continuing price increases. In today’s trading session, we can see BTC surging past $7,800, breaking above $8,000, and breaching the resistance at $8,073 provided by the bearish .786 Fib Retracement.
It continued above $8,000 to reach the resistance at $8,430 (1.618 Fib Extension). It has since dropped from here to reach $8,300.
Bitcoin remains strongly bullish in the short term and would need to drop beneath $7,600 (100-days EMA) to turn neutral. It would have to fall further beneath $6,800 to turn bearish.
If the buyers managed to break the $8,430 resistance, higher resistance is located at $8,608 (bearish .886 Fib Retracement). Above this, resistance lies at $8,800, $9,000, and $9,163.
On the other side, if the sellers push lower, support can be found at $8,000. Beneath this, added support lies at $7,877, $7,676, $7,600, and $7,400.
Support: $8,000, $7,800, $7,676, $7,600, $7,400, $7,200, $7,000.
Resistance:$8,430, $8,608, $8,800, $9,000, $9,163.
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