Bull Case Strengthens? Bitcoin Stays Bid Above $8K

Bitcoin’s quick recovery from the minor wobble seen in Asian hours has strengthened the bull case scenario, technical charts indicate

As of writing, CoinDesk’s Bitcoin Price Index (BPI) is at $8,165 – up 3.9 percent from the overnight low of $7,573. That said, the cryptocurrency is still down 3.7 percent from the previous day’s high of $8,582.

On Coinbase’s GDAX exchange, BTC clocked a high of $8,650 yesterday before a technical failure at key trendline resistance pushed prices back to $7,535. However, the dip was short-lived and the cryptocurrency moved back above the $8,000 mark this morning and was last seen changing hands at $8,280.

The positive price action indicates the investors continue to cheer the conciliatory tone adopted by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission at Senate hearing on Tuesday…

Read Full: Bull Case Strengthens? Bitcoin Stays Bid Above $8K