Bitcoin managed to break through $ 7,600, setting a new high since the fall of March 12th.
At the time of writing, the flagship cryptocurrency is trading at $ 7,729. BTC was able to break beyond the triangle of the 4-hour chart.
The bullish momentum is looking for a crosswind from Wall Street and futures are expected to report a 1% gain on Monday’s opening.
The real test for this movement will be in the $ 8,000 to $ 8,100 area. There is a long-term uptrend and 100- and 200-day moving averages. There is also the value from which Bitcoin dropped on March 12, so reaching this zone means that we have erased the losses from COVID-19.
Currently $ 7,600 is acting as a support. Below that, the $ 7,400- $ 7,500 area will also act as a strong support along with the upward trend line of the 4-hour chart.
The Relative Strength Index also supports the bullish trend. Currently, it stands at around 63, the highest since Feb. 18, when Bitcoin was above $ 10,000.
The volume does not give very good indication. Over the last week, we see him falling steadily.