A brief attempt to bring BTC/USD below the key $8,000 mark attracted strong buying interest last week.
Over the weekend, bitcoin has recovered decently but still holds below the $9,000 threshold, down over 1% on Monday. The immediate resistance comes in the $8,600 area which limits the upside potential since last Wednesday.
Despite consensus, 2018 failed to inspire an impressive rally in the cryptocurrency market, the industry continues to look healthier and more consistent. Moreover, there are new signs of bitcoin acceptance globally, including institutional investors. For example, the Taiwanese Smartphone maker HTC (TW:2498) has recently announced it is developing an Android phone that will be powered by blockchain technology. Meanwhile, the UK trading platform LMAX Exchange is launching a cryptocurrency exchange for institutional investors.
Even as the digital currency trading looks rather muted lately, the BTC/USD pair obviously resists the bearish scenario and makes fresh attempts to resume the rally.
In the short term, bitcoin will likely hold above $8,000, while on the upside, the price needs to make a clear break above the mentioned $8,600 area to climb back above $9,000.