Bitcoin Price Rockets to $8,450 as Iran Attacks U.S. Bases in Iraq
Horus Hughes's original article for cointelegraph.com reduced by 75%
On Tuesday Bitcoin price continued the rally of the previous day by retaking $8,000 then pushing above the 200-day moving average for the first time since November 2019. The most recent push above $8,500 occurred as mainstream media reported that Iran had attacked United States troops stationed at two military bases in Iraq. Crude oil price also surged 4% with West Texas Intermediate crude futures rallying to $65.65 and Brent crude rising to $71.75 per barrel.
Bitcoin's rally alongside assets like oil, gold, and silver is not a surprise to most traders as many believe the digital asset is correlated to the price action of commodities. Since Jan. 6, Bitcoin price has rallied 15% and traders will be closely watching to see if the asset to see if it can hold its recent gains above the 200-DMA and the descending channel.
On the shorter timeframes, the rally is beginning to look a bit over-extended with the 6-hour relative strength index punching above overbought territory at 84 and the same could be said for the Stochastic RSI. One positive is the strong move to $8,470 allowed the price to punch through the $8,100 - $8,300 high volume node of the volume profile visible range, so as the price pulls back an encouraging development would be to see $8,300 flip from resistance to a support level. If the bulls fail to hold $8,300, the price could pullback to $8,150 which is right along the main arm of the descending channel and near the 78.6% Fibonacci retracement level.
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CN [too long; didn’t read]
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