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Bitcoin Rebounds To $8,000 As Cryptocurrency Market Surpasses $320bn – Leadership Nigeria...


The crypto market momentum remained bullish, closing the market on Friday at $8,000 per coin just as the cryptocurrency market surpassed $320 billion. Bitcoin and other cryptocurrencies made sharp reversal from their lows a day earlier.

According to the data on CoinMarketCap, Bitcoin trading at $8028.12 levels …


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At the time of writing this review, BTC futures on the Bitmex exchange are trading at 7,726 USD. The BTCUSD pair has been trading within a range of 7,209 – 7,778 USD for nearly 48 hours. Whichever direction in which the price exits this range should determine its movement for at least the next couple of days. Given the manipulation that takes place on exchanges, the price could trigger the stops on both sides of the range after the breakout before returning to 7,500 USD.

Following its drop from 7,715 USD to 7,209 USD, bitcoin has recovered by 50%. It stopped at the resistance formed from the lows of 7,230 USD and 7,349 USD. We at Alpari believe that this growth phase will last until the 1st of August, after which we will enter a decline until the 23rd of August. It’s highly likely that 8,000 USD will be tested before the 1st of August.

The market should set a trading range of 5,743 – 8,000 USD to prepare buyers for a rally by the end of September. This is a rough timeframe, and things could change depending on pricing models.See more forex market reviews in Alpari.com