$8,000? It's not out of the question.
With no price pullback happening in the wake of Tuesday's sudden surge, the technical charts indicate bitcoin could soon close in on this key psychological benchmark.
First, an expected pullback was not without merit (the charts were looking overextended on Tuesday when the 4-hour RSI reached its highest level since 2016), but since Wednesday, the world's largest cryptocurrency has largely consolidated gains in a narrow range between $7,246 and $7,588.
As the trading range tightens and the technical indicators regain composure, the probability of bullish continuation increases. At press time, the CoinDesk Bitcoin Price Index shows bitcoin is changing hands at $$7484.06 up 0.18 percent on a 24-hour basis.
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