{"id":59383,"date":"2020-01-11T00:16:23","date_gmt":"2020-01-10T22:16:23","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=59383"},"modified":"2020-01-11T00:16:23","modified_gmt":"2020-01-10T22:16:23","slug":"59383-2","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/59383-2\/","title":{"rendered":"Why Analysts Are Bullish After Bitcoin Just Retook $8,000"},"content":{"rendered":"

Over the past few hours, Bitcoin<\/a> (BTC) has started to mount a strong comeback. After falling as low as $7,690 just earlier today, the leading cryptocurrency has surged as high as $8,100, marking a 5% gain after an 8% retracement.<\/a><\/p>\n

This latest move higher has a number of analysts bullish on digital assets once again.\u00a0<\/a><\/p>\n

Firstly, $7,700 was a key level to hold, meaning that Bitcoin bouncing off it after a retracement is an extremely positive sign. It closing on a daily basis above that level and then continuing to bounce off that level suggests bulls are still trying to assert control.<\/p>\n

From a more macro point of view, analysts are also bullish on Bitcoin. Byzantine General recently pointed towards Bitcoin’s one-week chart in conjunction with its Relative Strength Index reading. He showed that per historical analysis, applying previous market trends to the current, “the bottom is in,” noting that the RSI has made a perfect re-test of a key support.<\/p>\n

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$BTC<\/a><\/p>\n

I couldn't help but notice a pattern here.<\/p>\n

This suggests the bottom is in. pic.twitter.com\/OoiwreHBZS<\/a><\/p>\n

— Byzantine General (@ByzGeneral) January 10, 2020<\/a><\/p><\/blockquote>\n