Bitcoin Analysis: $8000 touched, what's next?

Bitcoin continued to push a new all time high today after completely recovering from the 30% correction less than a week ago. The market cap now stands at $131 billion, with $5 billion in trading volume over the past 24 hours.

In the image above, we have shown the 4-hour chart of the BTC/USD.

It looks like price has just touched the psychological level at 8,000 USD. This level coincides with a previous high, as well. We have outlined in the red square the resistance zone that was formed on the 7th of November.

What can possibly happen from here?

Scenario 1

The first potential scenario is to see the price breaking out of the 8,000 USD level. To see that happen, we will need more bullish news

Scenario 2

A second hypothetical scenario is to see the price rejecting the 8,000 USD level and forming a bearish pattern. Then we might see the price dropping down to the major support level at 5,600 USD. Maybe we will also see a larger drop if price rejects the 8,000 USD level.

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