Bitcoin now needs to break $8k, with $8200 being a critical level. If BTC/USD can put in a new high, its hugely increases the odds of bitcoin testing $9k before the end of the week. Lose yesterday’s lows of $7600 and that would mean a break in the parabola and a test of much lower prices.
A brief look at the overbook, illustrates quite clearly that there is quite sizable buying interest below, as illustrated by the yellow blocks, which further supports the idea that the bulls are not done yet with bitcoin this week.
We can however see that there is supply overhead around the $9k area as we would expect.
Returning to the weekly chart, we can see that bitcoin continues to reach out towards the 38.2% retracement level which is currently acting as a magnet, attracting BTC to the mid $9000s.
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