Bitcoin has recovered to $8,000 after defending key support for two consecutive days and may remain well bid over the weekend.
The leading cryptocurrency by market value is currently trading at $7,990 on Bitstamp, having hit a high of $8,020 earlier today.
BTC ran into offers around $7,900 in the early U.S. trading hours on Thursday and fell back to $7,450. However, much like Wednesday, the drop below the 4-hour chart’s 200-candle moving average (then located at $7,588) was short lived.
With the rise back to $8,000, the cryptocurrency has charted a bullish technical pattern on one of the short-duration charts. As a result, the recovery rally may continue, with prices rising to $8,400 over the weekend.
The weekly close (Sunday, as per UTC) will also be key. BTC witnessed solid two-way business last week before ending on a flat note, a sign of indecision among buyers. A short-term bearish reversal would be confirmed if prices close below last week’s low of $8,000 on Sunday.