Up and Away? Bitcoin Price Eyes $8,000 Or Higher
Bitcoin has staged a remarkable "V" shaped recovery from the last week's lows near $5,500, and may be looking at new highs ahead.

Bitcoin is still looking upwards, having achieved fresh record highs overnight.
As per CoinDesk's Bitcoin Price Index (BPI), the world's largest cryptocurrency by market capitalization rose to an all-time high of $7,990 at 01:18 UTC. According to CoinMarketCap, the cryptocurrency has gained 4 percent in the last 24 hours. Week-on-week, the BTC value has gone up by 12 percent.
All in all, the cryptocurrency has staged a remarkable "V-shaped" recovery from the last week's lows near $5,500. But, traders may be wondering if gains can continue.
, the investor community appears to be warming up to the idea of moving money out of equities and bonds and into bitcoin – sentiment arising from CME Group's upcoming bitcoin futures listing. Industry startups appear to be positioning as well, with Coinbase announcing yesterday a product launch for institutional clients.
Price action analysis appears to suggest the market is taking the news well. A potential rise well beyond the $8,000 mark is on the cards, although there is merit in being cautiously bullish.
Bitcoin chart

The above chart shows:
- The rally to record highs is backed by a rise in trading volumes. A high volume rally is a sign that the trend has legs
- However, the money flow index (MFI), which uses both price and volume to measure buying/selling pressure, doesn't reflect the "V" shaped recovery and remains flat. A bearish price-MFI divergence would be confirmed if bitcoin closes today on a weak note.
- The relative strength index (RSI) is well short of the overbought territory, thus there is scope for a further rally in bitcoin. However, again, a bearish divergence would be confirmed if bitcoin ends today with losses.
4-hour chart

There are no signs of stress on the above chart, except for the overbought nature of the MFI and RSI.
View
- Bitcoin looks set to rise above $8,000 and test $$8,187 (161.8 percent Fibonacci extension level of the move from the Jul. low – Aug. high – Sep. low).
- Only a break below $6,457 (61.8 percent Fibonacci retracement level) would signal a short-term bearish trend reversal.
- Bearish Scenario: A pullback to $7,200-$7,000 cannot be ruled out if prices fail again to rise above the $8,000 mark. Watch out for bearish RSI and bearish MFI divergence.
Balloons image via Shutterstock
More For You
Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays

Dek: This article is created to test tags being added to image overlays
需要了解的:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.