Bitcoin (BTC) is continuing its July rally, touching a high of $7,770.08 on Monday as its price heads towards the $8,000 mark. The cryptocurrency was trading just below $6,000 as June was drawing to a close, but has rallied over 30% since.
“In the long-run all of these points are very bullish,” said Mark Newton, an analyst at eToro. “Technically, on the charts, what happened last week was very positive, but getting through these levels will be critical in the short term action.”
From a technical analysis perspective, Newton is specifically watching any areas of price resistance near the $8,000 mark. Until it breaks that price barrier, Newton stated it’s difficult to “make too much of this as being a move that would start to lead us meaningfully higher.”
The leading digital currency caught a gust of wind when news broke that global investment giant BlackRock was assembling a working group that is testing opportunities within the cryptocurrency space and blockchain technology, which drives cryptocurrencies.