Share this article
Floor Found? Strong Volumes Push Bitcoin Above $8K
Following positive regulatory news from the U.S., bitcoin seems to have made a break from last week's price woes.
Updated Sep 14, 2021, 1:54 p.m. Published Feb 7, 2018, 11:55 a.m.
Bitcoin is rallying today, having bottomed out below the $6,000 mark yesterday.
As of writing, global average prices on CoinDesk's Bitcoin Price Index (BPI) are around $8,120. On Coinbase's GDAX exchange, bitcoin moved above $7,944 – the confluence of 200-day moving average (MA) and 5-day MA – earlier today and was last seen changing hands at $8,200
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The cryptocurrency has appreciated by 26 percent in the last 24 hours, according to CoinMarketCap. Also, prices are up 38 percent from the previous day's low of $5,947.40, as per the BPI.
Across social media, the sharp rise in BTC is being attributed to the cautiously optimistic tone set by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission at a Senate hearing yesterday. Investors seem to have taken heart from the fact that members of Congress and the SEC see potential in blockchain technology. Also, industry observers were impressed by the measured and sophisticated nature of the dialogue.
So, it appears bitcoin has moved out of the hot water, and the technical studies seem to confirm that a bottom has been made.
4-hour chart: Bullish price RSI divergence
Daily chart: High-volume recovery
Weekly chart: Bearish MA crossover
- The long-tailed candle indicates strong dip demand.
- BTC is attempting a break above the trendline sloping upwards from the April 2017 low and July 2017 low.
- The 5-MA and 10-MA bearish crossover (short-term MA cuts long-term MA from above) that occurred last month indicates that the long-run outlook still remains bearish.
View
- BTC looks set to cut through the descending trendline hurdle (1) and rise towards the downward sloping 10-day MA currently seen at $8,925 in the next 24 hours.
- A daily close (as per UTC) above the 10-day MA would open doors for a test of $10,000 – $10,623 (weekly 5-day MA). Further gains appear unlikely just yet, given the bearish crossover on the weekly chart.
- Bear scenario: Failure to hold above the 10-day MA, followed by a close below the 200-day MA would revive the bearish outlook. In such a scenario, prices may drop to $5,000 levels.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
Chart image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Reopens India Signups, Targets Fiat On-Ramp in 2026 After Two-Year Freeze
Coinbase halted services entirely in 2023, off-boarded millions of Indian users and shuttered local access while reassessing regulatory exposure.
What to know:
- Coinbase has resumed onboarding users in India, marking its return to the market after a two-year hiatus due to regulatory issues.
- The exchange is currently allowing crypto-to-crypto trading and plans to reintroduce fiat on-ramps next year.
- Despite regulatory challenges, Coinbase is investing in India, including increasing its stake in local exchange CoinDCX.
Top Stories
