Bitcoin has not managed yet to maintain a rally and surge above $8,000 again forming a major False Breakout.
Bitcoin has been extremely bullish since early April when it was trading at just over $4,000. A few negative incidents and a bit of mainstream FUD have done nothing to temper the momentum which has sent BTC to 2019 highs of $8,250 twice in the past week. The current daily volume is $25 billion, still higher than it has been for most of the past 12 months. Even though the price is stuck below $8,000, we know that corrections are necessary for healthy markets.
At the moment, the next level of resistance that BTC must surge above is seen around $8,200, and if this level is broken, the cryptocurrency may move higher towards $9,000 and later towards $9,300 as well. It now appears that the lower $9,000 region is Bitcoin's monthly resistance level, which means that it will require a significant amount of buying pressure to be broken above.
As for the current scenario, the price is dipping below $8,000 indicating an upcoming upward momentum. As far as the price remains above the $7,500 area with a daily close, the bullish bias is expected to continue targeting $9,000 and later Bitcoin can move towards the round number of $10,000.
SUPPORT: 7,250 / 7,500
RESISTANCE: 8,000 / 8,300 / 8,500 / 9,000
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