Bitcoin needs to overcome $7,800

Bitcoin needs to overcome $7,800

Bitcoin / Dollar BITFINEX:BTCUSD


Bitcoin             has appreciated over the weekend and finished the week with a 5% gain. The price struggles to keep the bullish momentum on Monday, though it keeps above $7,500 so far, so another upside break is still on the cards.

Interestingly, the dollar mostly shrugged off the impressive US employment data on Friday, which suggests the USD bulls are apathetic for now. It means the digital currency may take advantage from the greenback’s indecisive behavior as well as from risk aversion which could be fuelled by the renewed trade-war worries in the global financial markets.

BTCUSD             has formed higher lows recently, which points to increasing upside risks. On the other hand, the coin struggles to make a clear break above the important local resistance at $7,800. A recovery above this level is needed to open the way to the $8,000 threshold. However, should the price come back below the moving averages in the hourly charts, the short-term technical outlook for the BTCUSD             pair will get worse.