Bitcoin price (BTC/USD) holds above $8,000 following Monday rebound

Bitcoin price (BTC/USD) holds above $8,000 following Monday rebound

The Bitcoin price (BTC/USD) has remained relatively stable after it managed to retake the $8,000 mark in Monday’s trading session.

Following its first sub-$8,000 close since June 11, the original cryptocurrency continued to struggle during yesterday’s morning session, when the $7,900 level came under significant pressure. Having opened the session at $7,989.12, the digital coin hit a one-week low of $7,905.77 at roughly 08:00 BST. However, the coin was able to rebound in subsequent trading, with its advance accelerating significantly in the afternoon. This allowed Bitcoin to recapture the $8,000 mark as it closed the session at $8,245.62.

Bitcoin saw more positive price action during the early hours of today’s trading, when its price rose to a four-day high of $8,327.59. However, the coin hasn’t been able to maintain the same positive momentum in more recent trading. At the time of writing, the Bitcoin price was hovering around the $8,200 level, according data from digital currency tracker Coinmarketcap.

A technical analysis from industry website Coindesk yesterday highlighted the fact that yesterday’s rebound had allowed BTC to defend 100-week moving average, which had provided strong support for the coin in recent weeks.

“The defense of the 100-week MA coupled with the oversold conditions on the daily chart suggests scope for a recovery rally to $8,500,” the online publication said. However, the website also warned that the recovery trend would weaken “if prices find acceptance below the support level, currently at $7,753”.

“That could pave the way for a slide to $7,200,” the publication added.

In today’s trading, the Bitcoin price stood at $8,215.50, as of 12:35 BST. The digital coin has gained just over 2% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $147.7 billion, which represents 66.6% of the combined value of all digital currencies.

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