Bitcoin continued eying the barrier $7,500 barrier on Wednesday as the prevailing bullish momentum kept the support around $7,000 firmly intact. At one time, BTC went as high as $7,410 before retreating to just over $7,300 at the time of publishing.
That said, the BTC price is now approaching the middle Bollinger Band, which coincides with the resistance area at $7,800. Note that this is a key resistance area that has previously reversed the trend on several occasions.
More on that and other important news from the past 24 hours in BeInCrypto’s cryptocurrency news roundup for April 8.
Bitcoin Likely to Move Above $7,800
While moving averages and the RSI are the most commonly used technical indicators for predicting the price, Bollinger Bands (BB) are also a popular choice. Cryptocurrency trader and technical analyst @Mesawine1 tweeted a Bitcoin price chart analyzing this particular indicator.
The analyst stated that the BTC price does not often reverse without touching the middle BB — currently around $8,000. Therefore, the BTC price is expected to reach at least $8,000 before possibly decreasing.
Are Altcoins in for a Surge as BTC Dominance Rate Comes Down?
The Bitcoin dominance rate had been increasing inside an ascending channel since February 11. On March 25, the BTC dominance rate reached a high of 67.99% and decreased swiftly. Some analysts are assessing the changing status quo as signs of a direct bullish impact on altcoins
Cardano and Ravencoin Showing Serious Potential in April
As the Bitcoin dominance rate takes a hit due to a range of factors, several major altcoins are showing potential for growth in the coming days. The odds are relatively high that Cardano (ADA) and Ravencoin (RVN) could be at the forefront of this surge.
According to our technical analyst Valdrin, the long-term outlook for ADA is extremely bullish with the price already reaching the 440 satoshi support area for the fifth time. As for RVN, there are indications that the price is likely to move higher and reach the resistance line at 370 satoshis.
Bitcoin SV Rallies Ahead of Halving
Bitcoin SV (BSV) is expected to experience its halving event in less than a day — set to occur at block 630,000. The number of BSV mined per block will thereafter be 6.25 BSV instead of the usual 12.5 BSV. The sixth-largest cryptocurrency by market cap, BSV grew nearly 8% Wednesday, and just under 30% in a week.
Traders will have to watch BSV closely and see what happens after its halving — perhaps it will hold some insight on what to expect after Bitcoin’s own halving event in May.
Cryptopia Customers Get Relief From New Zealand High Court
Cryptopia, which had as many as 900,000 accounts across the globe, filed for U.S. bankruptcy protection last year following a breach that saw hackers getting away with $16 million from the company’s funds. The platform still had tens of millions of dollars in digital assets that liquidators were trying to collect and distribute to account holders.
However, following some complications arising due to the way Cryptopia operated, many disgruntled users were forced to take the legal path to recover their funds.
Binance User Accuses Exchange of Misappropriating nearly $900k in Digital Assets
A disgruntled Binance user has alleged that the exchange blocked $858,999 worth of assets including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), IOTA, Zcash (ZEC), and EOS, among others. The user claims they have been in touch with Binance’s customer support since Nov 2018, albeit with no resolution still in sight.
Bitcoin Analysis for April 8
The BTC price is trading inside an ascending wedge, currently being very close to the resistance line of this pattern. After another possible upward move, the price is expected to break down and decrease towards the support areas.
- Bitcoin looks to be moving in a five-wave Elliott formation inside an ascending wedge.
- There is support at $6,700 and $5,800.
- The price has created a short-term triple-top combined with bearish divergence.