- Bitcoin bulls side above the bears at numerous levels in the move that almost touched $8,000.
- The cluster of support zones suggests that the path of least resistance is upwards.
Bitcoin hit pause within a whisker of $8,000. The incredible breakout occurred following the consolidation period over the weekend. However, Monday recovery was not unique to Bitcoin cryptocurrencies generally corrected higher across the board.
The largest digital assets extended the gains above $7,800 and even approached $8,000 However, a high formed at $7,999.84 put a stop the bullish momentum. Meanwhile, Bitcoin alongside IOTA and Monero are among the few cryptoassets holding on to the gains accrued yesterday. For example, Bitcoin is trading at $7,889 and has corrected high 1.68% on the day. On the other hand, IOTA is up 3.51% and Monero is up a subtle 0.3% on the day.
Bitcoin confluence levels
According to the confluence tool, Bitcoin is trading above the crucial levels that will now function as support zones in the event a reversal occurs. On the upside, little is in place to prevent correction targeting $8,000. However, the medium-strong resistance at $7,918 highlighted by the Bollinger Band 15-mins middle, the previous high 15-mins, previous high 1-hour, previous high 4-hour and the pivot point 1-week resistance two.
As mentioned, Bitcoin is strongly supported at the various former resistance zones include $7,836, $7,672 and $7,344. The bulls are also banking on the support at $7,262, $7,180 and $7,017 to ensure that in spite of a reversal Bitcoin stays above $7,000.