Wednesday, Nov. 27 — Crypto markets continue to improve, with Bitcoin (BTC) showing signs of recovery as it finds its way back above the $7,500 price mark.
Bitcoin started the day at $7,190, at which point the world’s largest crypto coin found an intra-day low of $6,900 before moving up again to its current trading price near $7,540. After a rollercoaster 24 hours, BTC is showing an impressive gain of more than 5% for the day.
Bitcoin’s next target could be $8,100
According to Cointelegraph contributor Horus Hughes, Bitcoin could jump to $7,800, and even up to $8,100, before the coin encounters any significant overhead resistance. Hughes pointed out that Bitcoin had to close above the former support turned resistance at $7,400, for Bitcoin to push its price closer to the $7,800 resistance.
Hughes added that it seems unlikely that Bitcoin price will drop to $5,000 area again, but that it’s always good to consider bullish and bearish scenarios. “One would like to think that a drop to $5,500 will be avoided if bulls can keep the price above $7,300 and $6,700,” he wrote. Read More...