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Bitcoin tests $8,000 level

Bitcoin (BTC) could be in for a minor price pullback, having clocked a 39-day high above $7,500 earlier today, technical charts indicate.

The leading cryptocurrency rose to $7,562 on Bitfinex at 03:00 UTC and was last seen changing hands at $7,400 – up nearly 10 percent on a 24-hour basis. Further, the price rally has pushed the week-on-week gains higher to 15 percent.

On Tuesday, BTC crossed the inverse head-and-shoulders neckline resistance of $6,838 with strength, confirming a short-term bearish-to-bullish trend change.

So, a rally to $7,900 (inverse head-and-shoulders breakout target) could be on the cards. However, the move may not happen in the next 24 hours as the retreat from $7,562 to $7,370 indicates the bulls are keen on booking profits, having pushed BTC higher by more than $1,300 in the last 72 hours.


Further, the technical charts are also reporting intraday overbought conditions, meaning a price pullback could be in the offing before the rally continues. Moreover, investors who missed the initial move higher would have the opportunity to board the BTC freight train on any price pullback.

A minor correction, if it occurs, could end up recharging the engines for a sustained rally to $7,900–$8,000. Source: Coindesk

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