Bitcoin Gathering Momentum to Reach $8,000
The price is back above the wedge once again.
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Bitcoin continues to build on recent trading gains, with the number one cryptocurrency trading at its highest level since Dec. 9.
The top 10 cryptocurrencies are also trading in positive territory as they continued to benefit from the ongoing recovery in digital assets.
VeChain continued to recover recent losses, following the recent hacking scandal surrounding the cryptocurrency.
Silverway and Nash Exchange were also notable gainers, racking up double-digit gains.
The total cryptocurrency market capitalization stabilized around $194 billion this morning, and traded close to its monthly price open.
Bitcoin posted a bullish weekly reversal candle and is now supported by a strong reversal pattern and increasingly bullish price action.
The BTC/USD pair has also broken above a falling wedge pattern on the daily and weekly time frames.
Any technical corrections from current levels may mean that traders are looking for confirmation that a price floor is in place.
Key support is found at the $7,380 and $7,100 level, while key resistance is found at the $7,650 and $8,000 level.
Total Market Cap
The value of the total market capitalization consolidated around the $194 billion level, as measured by TradingView.
Traders now need to move the price above the $207 billion level to form a bullish reversal pattern similar to Bitcoin.
Any technical corrections back to the $188 billion support level will likely be seen as a buying opportunity in the short-term.
It is noteworthy that the total market capitalization is trading above its 200-period moving average on the four-hour time frame for the first time since Nov. 14.
According to the latest data from The TIE, sentiment toward the cryptocurrency market is bullish at 60.72 percent.
Bitcoin has the strongest sentiment among the top 10 at 62.50 percent. Meanwhile, Tezos has the weakest at 25 percent.