Another critical moment for Bitcoin

At the time of writing, Bitcoin is actively testing the $8,000 mark, finding itself alternatively above and below the psychologically important line. Buyers and sellers are not showing much activity, taking a break after the eventful weekend - trading volumes are below average again.

If $8,000 doesn’t hold, we are likely to see a decline not only to $7,800 where the 0.382 Fibonacci retracement is located but also in the range of $7,500-$ 7,600.

We have augmented yesterday's markup with a mirror resistance level, shown in yellow - this is what’s restricting the upward movement now. The longer the price stays below it, the more likely a correction toward the indicated values. Growth to previous local highs of $8,350-$8,450 and further toward the upper boundary of the ascending channel is possible with a rapid and powerful break through the resistance, but so far this scenario does not seem very relevant.

Check the full crypto analysis HERE