Bitcoin Seeks $8,000 Breakout to Commence the next Big Rally
Bitcoin has started off with significant gains Monday morning as the cryptocurrency surged over 4.5% within the past few hours to set its sight on the $8,000 mark.
A temporary bull run last Friday saw the crypto market spiked to 3 weeks-high of $300 billion before dropping again below $275 billion over the weekend. The recent surge has been attributed to a Sunday sell-off which saw many investors took out their money from other cryptos to invest in Bitcoin.
The biggest cryptocurrency rose overnight on Sunday to touch the $7,700 level, its highest since June 9, and almost $2000 higher than the lows of the end of June. The total market cap has broken over the $290 billion mark for the second time in seven days.
Several analysts have forecasted bullish signals for Bitcoin, however, a sell-off could trigger an opposite direction, though the considerable increase in volume which almost touched the $1 billion mark across all exchanges, could usurp such scenario.
If the current momentum continues, one should expect the 55-period-EMA to cross the short-term averages once more, creating another potential bullish setup as it edges closer toward its next psychological target of $8,000. If that target is breached then the price could go all the way to the $10,000 level in a very short space of time and potentially drag other coins with it.
At the time of writing, most cryptocurrencies in the top 100 have remained relatively sluggish, as they struggle to a balanced pattern for their next move. Among the biggest gainers are Bitcoin Diamond (30%) and Augur (21%), but by far the biggest winner is Holochain (or Holo).
The cryptocurrency jumped into the top 100 following the announcement of a Binance listing on Tuesday, July 24.
— Binance (@binance) 23 July 2018
Holo has gained over 50% since the announcement, with its market cap rising over 70% to touch $122 million. Holochain aims to create an ecosystem of decentralized apps with distributed, user-controlled storage.