Share this article
Above $8K: Bitcoin Aims Higher After Price Breakout
Bitcoin looks north following a bullish technical breakout.
Updated Sep 13, 2021, 7:49 a.m. Published Apr 13, 2018, 10:00 a.m.
Bitcoin clocked a 2.5-week high of $8,225 on Bitfinex earlier today and could soon scale the $8,500 mark, the technical charts indicate.
Prices jumped close to 14 percent on Thursday and moved above the $8,000 mark for the first time since March, according to Bitfinex. The sharp rally was reportedly fueled by the unwinding of the short trades (also known as short liquidation).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Moreover, BTC margin shorts (sell BTC trades) on Bitfinex stood well above December highs. As such, there was always a risk of short liquidation and bitcoin price rise. That said, the margin longs (buy BTC) registered a decline as well, thus putting a question mark on the sustainability of gains.
However, volume analysis suggests the rally is here to stay. The total trading volume across all exchanges jumped above $8 billion yesterday, according to CoinMarketCap. Also, the trading volume on Bitfinex hit a two-week high.
Further, the price chart analysis indicates a short-term bearish-to-bullish trend change, so, the cryptocurrency looks set to extend the rally. As of writing, bitcoin is changing hands at $8,100 on Bitfinex - up 18 percent on a 24-hour basis.
Daily chart
BTC closed yesterday above $7,500, confirming a double bottom bullish breakout and the falling wedge reversal (bullish pattern). The breakout was also backed by strong volumes.
Momentum studies show a 5-day moving average (MA) and 10-day MA trending north, indicating bullish setup. The relative strength index (RSI) has moved above 50.00 (into the bullish territory).
So, the tide has turned in favor of the bulls, at least for the short-term.
View
- A short-term bullish reversal has been confirmed.
- BTC looks set to test resistance lined up at $8,500 (double bottom breakout target) and could extend gains to $8,620 (50-day moving average).
- A Minor pullback to $7,600 cannot be ruled out as BTC looks overbought as per the RSI on the hourly chart and 4-hour chart.
- Only a daily close below $7,000 would abort the bullish view.
Airplane via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Boring Bitcoin's Green Light Moment Incoming?
BTC continues to bore traders with its directionless price action. But some indicators are pointing to renewed bullishness.
What to know:
- The Federal Reserve's recent rate cut did not significantly impact bitcoin's price, which remains directionless.
- Bitcoin's MACD histogram signals potential bullish momentum, while the dollar index's points bearish.
- The ETF flows continue to disappoint.
Top Stories
