The rally in Bitcoin looks like it is set to continue after price regained and has held the all-important $8,000 level.
After recently running up as high as $9,000, price has since pulled back and there were a fair few questions around what exactly was going to happen. Was this just a retracement or a full-blown correction?
It now looks like there is still plenty of buying interest at the moment as the most recent drop simply got bid back up. BTC tried its best to test $7,500 but the buyers kept coming for it. Once it then moved back to $8,000 and held that was a sign to be bullish once again.
After a sustained bull run that saw price charge higher from around the $5,000 region. Many were looking for a correction. But seeing the clear buyers below does make it look like we could be in for another test of $9,000 very soon.
For the time being the $8,000 level is now clear support and has held up strongly. The next level of interest is the most recent highs around current levels at $8,250-300. $9,000 is my short term price target.
Below us, $7,500 is a clear line in the sand as major support. If price falls below that then the bull run is over for now in my opinion.