Bitcoin above 8700 dollars. A new record price this year on the way

The price of Bitcoin broke above $ 8700 dollars. Cryptocurrency has taken an important step towards the main resistance level, which now is located near the annual maximum of the asset. Most likely, in the nearest future the bulls will try to break above 8900 dollars.

The General situation looks like this:

  • pressure buyers into the market has increased markedly
  • scale 1-hour chart has formed an uptrend the nearest point of support in area $ 8,500
  • on the way up can happen a few small setbacks, but a couple of BTC/USD will actively pay off higher 8460 dollars

At the moment Bitcoin is trading at 8713 dollars. For the past day, the price of bitcoin has jumped by 3.44 per cent.

Technical analysis

It seems that the corrective phase of the stock market approached its end. BTC is just a few hundred dollars from its highest value this year. Note that the securing asset is above $ 9,000 can play a key role in this bullrun.

While Bitcoin has managed to establish another record — today he reached a new high this month, at the level of 8741 dollar. After climbing to a local peak, the cryptocurrency fell back slightly after testing a Fibonacci level of 0.236. Fortunately, there is quite a lot of support lines, through which the bears are unlikely to break anytime soon.

Source: TradingView

However, a pullback to the uptrend line marked on the chart, still can happen. Advice is to watch the market, in the case of a small plum open the long position with the subsequent fixing of profit at the level of $ 9,000. But also, don’t forget to do your research before investment.

Will growth in the long run?

Co-founder of Adamant Capital from Tuur Dimitr believes that in the long term it is best to invest in crypto currencies, not precious metals.

Bitcoin is more politically neutral asset than gold. Cryptocurrency can be stored in the cloud, whereas the location of the gold bullion is controlled by the jurisdiction of the country in which it is located.

Yes, precious metals have their advantages. For example, the credibility of gold continues unabated for thousands of years, but Bitcoin exists only ten years old. However, the cryptocurrency may well become the new “digital gold”, which will become the standard means of capital accumulation in the future.

Source: TradingView

Regardless of the local situation on the charts of BTC, is to be cryptocurrency for them. The more that Bitcoin is constantly growing and always brings profits to those who wait.

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