Analyst: Bitcoins must be closed above $ 8,200 to boost momentum

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Bitcoin has once again experienced a sudden surge of buying pressure that has allowed it to continue climbing after briefly dropping to $ 7,500 in recent days. Although the rise of BTC above 8 000 USD is certainly positive, it still struggles to progress because it is facing a strong sales pressure around its current price.

Analysts now note that Bitcoin must continue to increase decisively beyond $ 8,200, otherwise the upward momentum of cryptocurrency could stop, causing a further decline.

Bitcoin tepid advance of $ 8,000

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $ 8,070, a significant increase from last year's low of $ 7,500.

Given that Bitcoin has reacted strongly to this sharp increase to $ 7,500 and has since increased, it is very likely that this will become a significant level of support for BTC in the near term.

Although BTC has again moved into the $ 8,000 region, it is important to note that BTC has not been able to exceed its next level of resistance, which is around $ 8,200, and a default closing above this level could mean further losses.

Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of the $ 8,200 level in a recent tweet, explaining that not exceeding this level could lead to further losses in the near future.

"$ BTC Update: Memory triangle that currently holds Bitcoin in the same training. Pair it with horizontals to see a bigger picture, want to see Bitcoin close over $ 8203 every day to feel optimistic. Otherwise, the consolidation continues and is natural after a sharp rise in prices in recent months, "he said in a recent tweet.

Analyst: BTC price move could be imminent

Given that Bitcoin is once again approaching a key price region, it is highly likely that this will result in a significant price move in the near future.

Chonis Trading, another popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, noting that it expects crypto to take a big step tomorrow because of its fractal formations. .

"$ BTC – The" Fib Time Zones "indicate an important #bitcoin movement on May 25, which will take place tomorrow," he said.

Mati Greenspan, Senior Market Analyst at eToro, echoed a similar sentiment, noting that he felt that a small move of $ 200 could result in a much larger price move.

"At this point, a $ 200 increase in the price of bitcoin could easily result in an increase of $ 2,000," Greenspan said in a tweet.

With the weekend in full swing and traders determining whether or not BTC is able to surpass its resistance level of around $ 8,200, traders will probably have a better idea of ​​bitcoin's ability to keep climbing higher. high in the near future.

Selected image of Shutterstock



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