On Tuesday Bitcoin cost (BTC) continued the rally of the previous twenty-four hour period by retaking $viii,000 so pushing to a higher place the 200-day moving average for the first time since November 2022. The strong upside movement also brought the digital nugget above the long-term descending aqueduct which formed on Jun. 25 and outside of today's channel breach, Bitcoin had been pinned below the trendline since Oct. 26 when Chinese President Xi Jinping chosen for China to fast track the development and integration of blockchain technology.

Cryptocurrency market weekly overview

Cryptocurrency market weekly overview. Source: Coin360

Many believe Bitcoin's strong surge from $vii,000 to most $8,500 has been heavily influenced by the ascent tensions between the Usa and Iran. In fact, the well-nigh recent push to a higher place $8,500 occurred as mainstream media reported that Iran had attacked United States troops stationed at two military bases in Iraq.

More than a dozen missiles were fired at both bases and at the time of writing no casualties take been reported. Gold and oil prices also increased sharply, with spot golden price topping a half dozen-yr high at $1,603.21 and gold futures rising two% to $ane,605.80.

BTC, Gold, Oil and S&P 500 chart

BTC, Gold, Oil and Due south&P 500 chart. Source: YCharts

Rough oil price also surged 4% with West Texas Intermediate rough futures rallying to $65.65 and Brent crude rising to $71.75 per barrel. Every bit bolt similar gold, silverish, and oil rallied, the Dow Jones Industrial Boilerplate futures dropped by 343 points and the Southward&P500 and Nasdaq futures likewise pulled back slightly.

This shows that traders expect that the escalation between the ii countries will negatively bear upon Wednesday's open in traditional markets.

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Bitcoin's rally aslope assets like oil, aureate, and silver is not a surprise to about traders as many believe the digital asset is correlated to the price action of commodities. Since Jan. six, Bitcoin price has rallied fifteen% and traders volition be closely watching to encounter if the nugget to run across if it can hold its recent gains above the 200-DMA and the descending channel.

BTC USD 6-hour chart

BTC USD half-dozen-60 minutes chart. Source: TradingView

On the shorter timeframes, the rally is start to wait a flake over-extended with the half-dozen-hour relative strength index (RSI) punching above overbought territory at 84 and the aforementioned could be said for the Stochastic RSI.

Ane positive is the strong move to $8,470 allowed the price to punch through the $8,100-$8,300 loftier volume node of the volume profile visible range (VPVR), and so every bit the price pulls back an encouraging development would be to come across $8,300 flip from resistance to a support level.

If the bulls neglect to concord $eight,300, the price could pullback to $8,150 which is right along the main arm of the descending channel and most the 78.6% Fibonacci retracement level.

Bitcoin weekly price chart

Bitcoin weekly price chart. Source: Coin360


The overall cryptocurrency marketplace cap now stands at $217.7 billion and Bitcoin's authorisation rate has risen to 69.i%. Notable gainers amongst altcoins were Litecoin (LTC) with a 4.73% gain and Chainlink (LINK) with 10.04%.

Proceed rails of top crypto markets in real time hither