The Bitcoin price opportunity has come, the next number to conquer is $ 7,800

By Selena 01/6/20 11:03 AM

The cryptocurrency market is stable today as Bitcoin price bounces back to above $ 7,500. Bitcoin price is showing signs of a substantial increase, and it is quite possible to test resistance at $ 8,000 shortly.

Bitcoin price could rise sharply

The Bitcoin price is fluctuating around $ 7,532, up slightly by nearly 2% in the past 24 hours. Over the past week, Bitcoin has dropped below the support zone of $ 7,200 and even the support area of $ 7,000 and the SMA 100 line on the 4-hour chart.

However, $ 6,860 is still a substantial support area and prevents the market from falling further. The bottom line is formed around $ 6,859, and the price has tended to rise back to overcome $ 7,000 as well as $ 7,200. Besides, the price has also surpassed the Fibonacci retracement level of 50% from the peak of 7,531 to the bottom of $ 6,859. More importantly, Bitcoin has broken through the upper limit of the bearish channel of $ 7,345.

Bitcoin 4-hour candle chart | Source: Trading View

Once the price of Bitcoin has surpassed $ 7,531, the market can retest the resistance of $ 7,690. This is the Fibonacci extension 1,236, from the peak of 7,531 to the bottom of $ 6,859. And when successfully conquering the $ 7,690 milestone, BTC can accelerate to test the next resistance of $ 7,800 and possibly $ 8,000 in the coming days.

Top 20 copper coins turned green

Meanwhile, Ether (ETH) continues to sync with BTC. The leading altcoin has bounced off the daily low before rising to the current trading price around $ 140.86. Ether only had a modest increase of about 4% at press time.

XRP – the third largest currency by market capitalization – also follows today’s uptrend and is currently trading at $ 0.207. XRP has increased by more than 7.2% in the past 24 hours. Moreover, as AZ Coin News mentioned, XRP prices are fluctuating on Coinbase.

In the top 10, there is also a strong momentum: Bitcoin Cash (BSV) and Bitcoin SV (BSV) with an increase of 6.2% and 6.7% respectively in the past 24 hours.

Most of the top 20 coins in the market continue to show signs of recovery, with Monero (XMR) leading the way with an increase of nearly 8% on the day. Followed by Stellar (XLM) and NEO with gains of about 7% and 5.2%, respectively.

Source: Coin360

Total cryptocurrency market capitalization is currently at around $ 201 billion. Bitcoin Dominance has a 67.6% market share.

China’s cryptocurrency construction project lasted for a fifth year when the PBoC was supposed to launch the initiative as early as 2014. Under the plan, the “digital yuan” will first allocated to commercial banks. Users and businesses will have to sign up for electronic wallets at these banks to start using the money.

As AZCoin News reported, the first two cities to participate in PBoC’s pre-digital testing this year will be Shenzhen and Suzhou. The People’s Bank of China is also working with seven major commercial banks and telecom operators – including the Industrial and Commercial Bank of China, China Bank, China Construction Bank, and Agricultural Bank. Chinese enterprises, along with China Telecom, China Mobile, and China Unicom – to carry out the testing process.

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