Bitcoin (BTC) is currently trading at around $8,610 following a 3% increase in price over the last 24 hours.

Even though BTC seemed to be struggling last week, the worlds largest cryptocurrency recovered nicely over the weekend.

Bitcoin momentarily traded close to $8,300 at the start of the weekend after price dropped 4% from Thursday to Saturday.

Since then, Bitcoin has rebounded to the upside, which reiterates the bullish sentiment surrounding the digital asset ahead of this summers halving event.

Bitcoin now seems to be consolidating above $8,600 and getting ready for another shot at the $8,830 level of resistance.

Lets take a look at Bitcoins chart, courtesy of TradingView.

Bitcoin has been climbing upwards since the start of the new year, breaking through all its EMAs over the past few weeks after a major rally that took the digital asset from just below $7,000 to over $8,600.

From bottom to top, BTC has grown about 28% in the space of 18 days. At the moment, BTC is still around 25% higher than the start of the year.

However, price needs to continue picking up steam if the hangover from the second half of 2019 is to completely turn around.

In addition, Bitcoins volume must continue to grow. At the time of writing, it is showing signs of having fully recovered and is now between 30-40% higher than last month around $23 billion.

If Bitcoin is able to maintain the positive trend seen so far this year, we might see it top $10,000 sooner than expected.

Last week, I underlined that within the next few days/weeks, we could see a major reversal after a period of serious accumulation by hodlers.

The boost in trading volume means the accumulation cycle could be close to an end and the bull run were all waiting for will start sooner than expected.

The upwards movement over the past few days could mean a shift in sentiment, but it is too early to tell. It seems we already found the bottom (during 2019) and could be making our way towards a mid-term move to the upside.

For the time being though, theres a chance it can go either way. Only if BTC continues to record higher lows will price continue to go up.

Hopefully, the 200-day EMA (blue line) will now become support for Bitcoin and BTC will continue to hold above all its EMAs. In addition, I expect the 20-day EMA to cross both the 50-day and 200-day EMAs to the upside quite soon.

When these golden crosses take place, my take on the market will considerably shift to the upside.

I strongly believe Bitcoin to be a long-term store of value, especially as traditional markets continue to show weaknesses.

How can the markets continue to push higher after the ECBs recent rate cuts, the continuous share buybacks from huge corporations, or the inverted bond yield shoving investors away towards riskier assets?

In addition, repo market activity as in loans from central banks to commercial and investment banks has spiked to new monthly records. That adds up to another signal of weakness for the general economy.

We shouldnt forget that the Bitcoin halving is coming in May 2020, which will put extra positive pressure on price as the number of Bitcoin minted per block is halved.

The key aspect of the halving event is to work out whether it has already been priced-in by miners. I personally doubt it, since most people (and businesses) have a short-term mindset.

Therefore, I see miners pushing for lower prices until the halving takes place. The harder it is to mine until the halving, the more miners will drop off, leaving more room for profits for the players who stay.

In conclusion, investors and traders should pay attention to the overall economic panorama, as it will most likely be a major catalyst for worldwide BTC adoption.

Safe trades!

Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:

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In August 2008, the domain name bitcoin.orgwas registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins.

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

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Latest Bitcoin price and analysis (BTC to USD) - Coin Rivet

While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market.

Prominent cryptocurrency trader MoeMentum recently noted that while Bitcoin has just entered a new week in terms of price action, a key signal has already started to form:

The Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.

If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.

It isnt only the Fisher Transform signal that is suggesting Bitcoin is on the verge of entering another exponential, maybe even parabolic, bull run.

Cryptocurrency analystCryptokearecently notedthat the worldwide Google Trends, well, trends for the search term Buy Bitcoin have recently hit a seven-month high the highest since June 2019.

More specifically, the metric has hit a 10 on a long-term basis, with the metrics maximum being 100. The latest Google Trends 10, Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the$14,000 high.

He added that the long-term upwards trend for this metric, which is correlated with growth in the price of Bitcoin, is undeniable, pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.

Also, the weekly Moving Average Convergence Divergence (MACD) indicator just printed a bullish crossover, with the MACD line just crossing over the signal line.

So why is this relevant? Well, as pointed out in the below chart from NewBTC, the last time this technical signal was seen was in February of 2019, just months prior to a massive price explosion that brought BTC from the depths of the $3,000s to as high as $14,000 in a few months time.

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Bitcoin Rallied 230% Last Time This Signal Flashed, And Its Back Again - newsBTC

After a five percent increase overnight, the bitcoin price is vulnerable to a major correction. A prominent trader Peter Brandt warned that a fall below a key level may trigger a serious correction.

Brandt named the 18 displaced moving average (DMA) as the important level bitcoin has to defend to prevent a large pullback. Currently, as of January 27, the 18 DMA is at $8,540 on BitMEX.

If the bitcoin price drops below the 17 DMA at $8,540 and enters the downward wedge once again, it would mean that the correction from $13,000 at the 2019 yearly high would merely resume.

The bitcoin price is at a critical point (Source: Peter Brandt Twitter)

Throughout the past week, many technical analysts have pointed out that the current bitcoin price trend eerily resembles the BTC drop from $10,600 to $6,410.

One cryptocurrency trader noted that the altcoin market is particularly weak, and a correction by a major altcoin like Ethereum could fuel a BTC pullback.

The major issue I have is with ETH. I think it presents the cleanest top signal. If I expect ETH to challenge $145 I dont think its feasible to expect BTC to hold $8.1k. It would be unusual to not see any strong move down following this set up, but not impossible, said the trader.

Bitcoin is coming off a 43 percent upsurge since late December, 2019, within merely a month.

After a significant rally in the 40 to 50 percent range for bitcoin, a pullback often ensues.

Major altcoins like Ethereum and Bitcoin Cash increased by anywhere in between 40 to 60 percent in the past month, with Bitcoin Cash rising by 72 percent against the USD at one point.

Traders are generally anticipating the bitcoin price to break below $8,540 and experience a deeper correction as it moves back into the declining wedge.

But, top technical analyst Josh Rager emphasized that if the bitcoin price defends the $8,000 to $8,200 range well, it can maintain its momentum.

Previously, Rager said that the invalidation point for the current bitcoin extended rally is $7,700.

He explained on January 21:

Daily closed under 200 DMA after an 8%+ drop. Could potentially see a push up before continuation down and watching the support at $8000 to $8200 for a bounce. Break below $7700 would be bearish but not expecting it drop that low at this point in time

This week is considered to be the critical decisive moment for BTCs short to medium-term trend, especially approaching the monthly close on January 31.

A close below key levels such as $8,200 and $8,000 would indicate that the trend of the bitcoin market is too weak to maintain upwards momentum.

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A Serious Bitcoin Correction to Occur if BTC Drops to This Level: Top Trader - newsBTC

Anyone dealing with bitcoin or even reading this will have at some stage had to explain it to someone with no knowledge. It is not always easy, but keeping these major benefits in mind may convince the cynics.

Explaining the benefits of bitcoin can be a challenge as most people with little knowledge of it will be highly skeptical. The first thing they will doubt is how an entity without a physical presence can have a monetary value.

In a recent Medium, The Startup has explained the key benefits of bitcoin for the benefit of non-believers.

One major advantage bitcoin has over traditional finance is identity protection. Even moving small amounts of money these days involve demands for identification and proof of where funds came from.

As the world moves towards a cashless society, every single transaction made can be linked to your identity giving banks and corporations unprecedented amounts of data on your spending habits.

You may not have anything to hide but a little privacy is still a personal right. Bitcoin, and a number of other privacy-based cryptos, can offer anonymity and privacy beyond any traditional method of moving money.

Bitcoin works everywhere and at all times, that is failing a catastrophic collapse of the internet. Centralized platforms such as banks and credit cards can and do go offline with single points of failure. Bitcoin is a global network with 100% up-time.

Mobile payments are made simple and you dont need to understand cryptography to use bitcoin just like you dont need to know how TCP/IP works to send an email.

Banks and centralized payments platforms such as PayPal make billions in profits by charging their customers to manage and move their money. High fees and slow transaction times with SWIFT are commonplace and the system is archaic by todays standards.

Bitcoin can be sent anywhere for a fraction of the cost, regardless of the sum or destination, in a matter of minutes.

Bitcoin also gives you full control of your money. Much of South America and a lot of Asian countries have strict capital flow controls restricting what people can do with their own money. As economic woes escalate these restrictions are likely to spread and people will have less control over their own finances.

Authoritarian regimes and banking systems restrict freedom but bitcoin gives it back. You can send and receive it anywhere in the world without any state meddling or surveillance.

Central banks also manipulate their currency flows and value in order to perpetuate a massive credit bubble and galloping debts. Bitcoin cannot be manipulated in terms of inflation or supply, it is finite, unlike the US dollar for example which has been flying off the printers in recent months.

These are just a few of the advantages that bitcoin has over traditional finance. It is a revolutionary technology that gives financial freedom back to whoever holds it.

What other benefits does bitcoin have? Add your comments below.

Image via Shutterstock

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Top Bitcoin Benefits Naysayers Need to Know - Bitcoinist

Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.

Per previous reports from NewsBTC, long-time Bitcoin skeptic and CEO of Euro Pacific Capital Peter Schiff said in a tweet that the price of the leading cryptocurrency could dump to $1,000 to complete a chart pattern.

And even recently, despite the price of digital assets rallying by dozens of percent since the December bottom, a number of traders have asserted that a $3,000 Bitcoin price is in the books.

But, according to a prominent crypto analyst who called BTCs decline to the $6,000s, the idea that BTC is extremely bearish right now is somewhat irrational.

Legendary analyst Dave the Wave recently laid out four reasons why he is surprised at the bearish sentiment he is seeing on Crypto Twitter:

Dave isnt the only analyst expecting for Bitcoin to start to form an uptrend once again.

Willy Woo partner at Bitcoin fund Adaptive Capital said in December that per his analysis of on-chain data, he believes the macro price bottom was established in the low-$6,000s. Woo did say, however, that there is an opportunity for a drop below that bottom, but noted that it would just be a blip in the grand scheme of things.

Also, analyst Cryptokearecently noted that the worldwide Google Trends, well, trends for the search term Buy Bitcoin have recently hit a seven-month high the highest since June 2019 at 10.

The latest Google Trends 10, Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the$14,000 high.

He added that the long-term upwards trend for this metric, which is correlated with growth in the price of Bitcoin, is undeniable, pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.

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Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Wont Crash at $8,500 - newsBTC

Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.

The upside is now showing potential of the beginning of a macro bull run. Nevertheless, there are still resistances to over-come before confirmation on technical charts.

The daily high logged on spot exchanges is $8677.The price of Bitcoin [BTC] at 3: 15 hours UTC on 27th January is $8619.

According to leading analysts, $8650 marks an important area for bullish continuation. Derivatives and crypto trader, TraderXO, tweeted,

Coming into resistance at the weekly mid range of 88s Im currently short from 8640s 1/3rd size filled further asks higher up Targeting low 82s 8150s Clear invalidation level for me is closing above the weekly mid

Not only TraderXO, but also other prominent traders like George and SalsaTekila are in anticipation of resistance at $8650. George tweeted,

If we dont reject around 8650 and close the day strong, Ill close shorts and flip bull. Lets see.

Moreover, the 200-Day Moving Average at $8915 continues to act as the last big hurdles for bulls.

Nevertheless, while the resistance levels are intact, the price also moved above the long-term bear channel once again weakening the bearish sentiments.

The weekly close in the price was above $8500 at $8590. The price look strong above the 50-period moving average at $8000.

Bitcoin [BTC] price records yet another CME gap, nevertheless, this time-around it is a bearish one. The futures contract prices opens with a $100 gap at $8595 yesterday.

Moreover, similar to spot, the 200-Day Moving average seems to be acting as the critical region of support and resistance at the moment. The price has witnessed a bullish and bearish deviation, and is again attempting to make a run for it.

Do you think the bullish run will continue or is it another bull trap? Please share your analysis with us.

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Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears

Description

Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.

Author

Nivesh Rustgi

Publisher Name

CoinGape

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Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears - Coingape

Two men, both in their twenties, have been arrested by Tokyo police on computer fraud charges related to the theft of $700,000 (78 million yen) worth of Bitcoin.

According to the Japan Times, Yuto Onitsuka and his accomplice Takuma Sasaki have been charged with siphoning-off funds from a Tokyo-based crypto management firm that Onitsuka previously worked for.

Sasaki allegedly used Onitsukas credentials to access the companys Bitcoin wallets and transferred the BTC to his own accounts.

In total, just over $700,000 worth of Bitcoin was stolen, with some of the money being transferred to Sasakis bank directly which he then reportedly spent on travel and other personal items.

Allegedly, the two suspects had never met in person and had become known to each other through an online forum dedicated to digital currencies.

It is unclear how Sasaki convinced Onitsuka to give him the wallet details or to what extent Onitsuka benefited financially from the theft if at all.

Onitsuka had commented on the forum that he wanted to bankrupt the digital asset company he was working for as he was dissatisfied with his role in the company and disagreed with its management policies.

The Tokyo Metropolitan Police Departments cybercrime unit shared that the Bitcoin had been taken in one lump sum from the companys accounts on October 29 2018 which the suspects then allegedly cashed out via both Japanese and foreign exchanges.

The name of the crypto company involved in the theft has not been officially released.

Japanese authorities clamped down on crypto cases last year, and the countrys government still has a sceptical view of cryptocurrency as a whole.

As Coin Rivet reported in March 2019, a Japanese teenager was prosecuted for his role in the theft of 15 million worth of Bitcoin, around $134,000 at the time, which he stole from a crypto storage website called Monappy.

Likewise, in April last year, Japan tightened regulation on cryptocurrencies, officially making crypto assets legal property under the payment services act.

Earlier this month, Japans financial watchdog, the Financial Services Agency, announced that it would be cutting leverage on cryptocurrency trading products to just two times the traders margin amount in a bid to prevent losses.

You can read more about Japanese crypto news here.

The post Tokyo Bitcoin theft duo arrested by police appeared first on Coin Rivet.

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Tokyo Bitcoin theft duo arrested by police - Yahoo Finance

Many of the people who are not related to cryptocurrencies are lurking on the web in a search for free Bitcoins. Numerous casinos, betting clubs, cryptocurrency hedge funds, and other websites lure people in. How do you know that the casino is working well? Where will you gather precise information about a faucet or a lottery website that promises to send you a ton of coins?

Do you know one precious asset that is not gold, not fiat money, not cryptocurrency, and not a bond, obligation, or a stock? This asset is very rare, and if you lose a piece of it, youll never regain. Correct we are talking about time. Be extremely aware that even respectful corporations can advertise scammers.

Many of the industry participants will try to use you to enrich themselves. If you look for a job in the crypto company, make sure that you spent at least 1 month reading the news pieces and reports about the CEO and the company itself. Check the Glassdoor and Trustpilot reviews. See their forums pages and what the others are writing about the company. Find as much information as you can, and if something looks fishy, consider what you can do with it and act accordingly. And dont waste your time on faucets, ad platforms, different retweet services. They promise free Bitcoins, pay you satoshis for doing absolute nonsense and sometimes drop malware, miners or viruses onto your PC.

The main component of cryptocurrency fraud is that all the payments in such systems are irreversible. You wont be able to chargeback the scumbag in two months after the credit card payment. My colleague bought a knife over the Internet and the knife wasnt as good as he expected. So he made a chargeback.

In cryptocurrencies, you wont be able to call the bank to charge it back. The money you send will vanish forever. You will only have one chance to spend your crypto coins, and its better to be a good chance.

Some people who use Bitcoin like usual money, lose some benefits. Its cool to pay for VPN services or mobile subscriptions with Bitcoin or Ethereum. But also, it is crucial to remember that those coins will never get back to you like the paper fiat bills could do.

So if your VPN subscription plan costs 0.03 BTC, consider saving the coins to a separate wallet. If you still want the VPN subscription, simply pay with a bank card. Fiat money is worthless and its not bad if you spend them across the Web instead of spending precious coins.

Photo: QuoteInspector

Just look at what the American Google puts in the ads section for the bitcoin or cryptocurrency keywords. The search giant who knows everything about the tricky field puts out advertisements for obvious scams.

The inexperienced users are getting lured into shady projects like OneCoinorKaratbars. They think that they are participating in the crypto revolution. That they are cyberpunks and hodlers. And that banks are in the stove. While in reality, they are just sitting all day near PC and stare at the shitcoin prices. At the same time, someone else is spending their bitcoins (given in exchange for shitcoins during an ICO round).

Google can post the advertising for a company that says: If you send us 0.1 BTC, we would double the coins in 24 hours! Or, they can write something claiming thatsadvice from a famous Hollywood star. Then, this company is stealing your coins and not giving any returns, and the cops cannot help.

The company that is called The Russian Google Yandex is posting the advertising of scam companies in Russia. Unbelievable, the search engines earn billions on personal data, the e-mail users, their actions. However, if you read Telegram channels such asVklader, it appears that Rusian Google gives as many scammer ads as the original Google. So, it is not some kind of virus that sits in one company. No, this is a very old disease called avidity which we see here eating the successful collectives across the globe.

Sometimes, you are sitting in the crypto-related Telegram chat, and someone pretending to be the Admin of the chat offers you free bitcoins. The offer may be different, but the essence of it is always the same you can gain lots of cash in no time. But you need to send out some Bitcoin or Ethereum first. They always need some trusted deposit or starting payment, with the cheaters using social engineering to target your naivety.

The main strategy is to seduce you to send out the payment by playing on the greed. The fraudulent offer often looks too legit and too shiny. They have an official website, and there are over 15K Twitter followers. Their YouTube channel is full of vids of beautiful, smart people in offices. Everybody in the office keeps an active and happy mood as if theyre working on a drug baron.

How could this be a scam? However, the experienced cryptocurrency journalists are falling victims to fraudsters and crooks of different sizes. The authors of pieces like this one, despite writing many articles describing shady financial schemes, are getting into different shitty stories in their life too. Even the man who can spot ICO shitcoiner with his eyes closed could fail in a simple talk with bazaars gypsy merchant.

The issue here is that many people have to spend years studying cryptography before they start understanding why posting your keys and even the addresses on the public is a bad idea. So, the main part of any cryptocurrency wallet is the private keys storage. The wallet must encrypt the wallet file with the users password or by using some math technique. Private keys are living within the wallet file and generate the public addresses. The private key allows you to spend Bitcoins (or altcoins) from a corresponding address.

A crypto wallet is a key-chain. You have multiple keys from multiple crypto addresses. Each time the user receives coins on one of the addresses, he can spend them using the private key. The special SEED mnemonic phrase of 12 or 24 English words is generating all the keys.

Some of the online experts advise using online resources to check the private keys from addresses. People check the privkeys and facilitate online derivation tools to obtain freshly backed fork coins. Sometimes, after a hardfork of a coin, the new coins are born. If the coin within your portfolio gives birth to a fork coin, then you can get richer by doing nothing. Never use online websites to check anything related to your coins.

If you post the private key online, theres a chance that some hackers gain access to it. Furthermore, when you post your public key somewhere, if the hackers will find several of your addresses, they will be able to mathematically generate some of the private keys based on your addresses and public keys.

If you dont understand what the hell this all means, just remember that you should not post any address related keys or other information online. The only thing you can post safely is the Transaction hash or the ID. It is useful for proving that the transaction takes place. Folks use ID to identify the TX in online blockchain explorers.

Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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Free Bitcoins: The Possibility to Waste Your Time and... - Coinspeaker

Bitcoin had an interesting end of the week following the bearish action witnessed across the cryptocurrency landscape. The largest crypto managed to defend the support at $8,200. This revived the suppressed bullish action, encouraging more bulls to join the market. Bitcoin not only took back the lost support at $8,400 but also reclaimed that at $8,600. The action continued towards $8,700, however, the bulls lost their mojo at $8,690.

Contributing to the bullish action was the breakout above the falling wedge pattern as observed on the 1-hour chart. It is apparent that the bulls have changed their focus towards $9,200 (previous week resistance). At the same time, it is clear that henceforth, recovery will not be easy considering the resistance at $8,700, $8,800 and $9,000.

From a technical perspective, the bulls are strong enough to sustain the gains made during the Asian session on Monday. As long as $8,600 sustains as support, the bulls will have the time to gather the strength to rise towards $9,000. Besides, the main focus is still on $9,200.

The Relative Strength Index (RSI) is within the overbought. However, the upward slope has changed to sideways motion. It means that ranging action could take center stage on Monday. At the same time, the Elliot Wave Oscillator suggests that bulls will likely continue to largely influence Bitcoins price action more compared to the bears.

Spot rate: $8,641

Percentage change: 0.54%

Relative change: 46.16

Trend: Bullish

RSI: Sideway motion hints continuing sideways trading above $8,600

Summary

Article Name

Bitcoin Price Analysis: Why $9,200 Remains Within The Bulls Reach In January?

Description

Bitcoin price break above the wedge pattern resistance renews the trajectory towards $9,200.Establishing support above $8,600 is critical to Bitcoins journey to $9,000 and $9,200 respectively.

Author

John Isige

Publisher Name

Coingape

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Bitcoin Price Analysis: Why $9,200 Remains Within The Bulls Reach In January? - Coingape

Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670.

After forming a short term top near the $9,191 level, bitcoin started a downside correction. BTC price broke the $9,000 and $8,800 levels to enter a bearish zone.

The bears were able to push the price below the 23.6% Fib retracement level of the last important rise from the $6,836 low to $9,191 high. Moreover, there was a daily close below the $8,500 support level.

Though, there are many important supports on the downside near the $8,200 and $8,000 levels. The main support is near the $8,000 level since it is close to the 100-day simple moving average.

Besides, the 50% Fib retracement level of the last important rise from the $6,836 low to $9,191 high is also near the $8,000 level. Therefore, dips remain supported on the downside if the price corrects further.

On the upside, the $8,500 zone is a major hurdle for the bulls. There is also a declining channel or bullish flag forming with resistance near $8,500 on the daily chart of the BTC/USD pair.

Bitcoin Price

Therefore, bitcoin needs to climb above the $8,500 and $8,540 resistance levels to start a fresh increase. Furthermore, a successful close above $8,600 might lead the price towards $9,000 and $9,200.

As stated, the $8,000 support is a major buy zone. If there is a downside break below $8,000, the next major support is near the $7,670 area.

The previous breakout zone was near $7,670 and now it coincides with the 61.8% Fib retracement level of the last important rise from the $6,836 low to $9,191 high.

Thus, a successful daily close below $7,670 or $7,600 could negate the current bullish view. In the mentioned case, the price is likely to revisit the $6,500 support area.

Technical indicators:

Daily MACD The MACD is slowly gaining momentum in the bearish zone.

Daily RSI (Relative Strength Index) The RSI for BTC/USD is still above the 50 level.

Major Support Levels $8,200 followed by $8,000.

Major Resistance Levels $8,500, $8,550 and $9,200.

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Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Heres Why - newsBTC