Bitcoin Rallies over 5% to Make it past the $7500 Resistance
By Mark Lemon – Cryptocurrency Dealer
The Bitcoin bullish comeback continues to show as BTC rallies up a 5% passing the $7500 mark. It is very likely that the rise could continue if the bulls keep buying Bitcoin with a potential target of $8000 this week.
After strongly holding out behind the $7200 resistance mark, Bitcoin began rising. Slowly throughout the day BTC was able to climb past the hurdles near $7400 and $7300 before it past $7500. These small jumps could have encouraged more to buy Bitcoin for the potential of the price rallying higher.
Furthermore, BTC encountered a bit of resistance over the $7500 mark as well as the 100-hourly moving average. This was to be expected at this level, but the price could continue to move up and rally past $7600. It would seem sentiment at this point changed and more looked to sell Bitcoin closing with a new weekly high around $7656 with the price consolidating gains.
Bitcoin finds strong support around $7540 created through the Fibonacci retracement, which is close to $7537. The possible downside for the price sitting at this level is it could drop if bearish sentiment to sell Bitcoin was to take hold.
If Bitcoin experiences an upside break between the $7590 and $7600 level, it is still possible for the crypto giant to continue its upward movement as more buy Bitcoin. The digital asset’s next resistance is close to the $7652 high, in which if the coin can overcome this, it could possibly sail towards the $7800 mark.
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