For the last couple of days, Bitcoin has been flirting with the $8,000 position. Despite climbing above it several times, the asset has been unable to remain above it. During the April rally, this didn’t seem to be a challenge as the coin climbed from around $7,500 to hit as high as $8,900.
A pullback followed this rally at the beginning of June and has been holding off Bitcoin from getting back to its previous bullish trend. Predictably, if Bitcoin can find a high resistance position above $8,000, it can easily find a support position above $8,000. Ideally, a midterm resistance in the current condition would be around $8,250. This would give it ground to fall to $8,100 before finally finding better support above $8,000.
FOMO Driving Recent Surge
In the past couple of days, Bitcoin has been more popular on search engines than Tesla, Kim Kardashian, and Trump. This high interest among people shows that people are interested in buying. This could be attributed to FOMO (Fear Of Missing Out) when Bitcoin made the miraculous surge back in 2017, not many were aware of it. This time, there is better adoption and the world is all eyes and ears. If Bitcoin makes a significant positive change, the hype is widely spread and sees investors flock in.
The hype created in April seems to have slowed down but it has in no way died. As the market bulls begin to re-emerge, prices will begin rallying again. Analysts predict that as prices climb towards $10,000, the situation will become “Full-blown”. This is the highest level of FOMO and is guaranteed to pull in both retail and institutional investors.
Bitcoin (BTC) Prediction
If Bitcoin can ensure support above $8,000 and resistance around $8,500, its mid-term prospect will be bullish. This brings into play $9,000 and soon $10,000 and beyond. At the time of press, Bitcoin has just pulled back to $8,130. This is after a dramatic surge in a couple of hours to hit a high of $8,180.