Bitcoin (BTC) was riding high on fresh gains on April 28 as footling got in the way of bulls decision-making the market place. The top ranked cryptocurrency on CoinMarketCap continues to pb the market higher even though $8,000 remains a significant hurdle to overcome.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency marketplace daily overview. Source: Coin360

BTC price closes in on $8K barrier

Information from Coin360 and Cointelegraph Markets reflected the buoyant mood amongst traders as BTC/USD lingered nigh 7-week highs of $7,800.

Since gaining 10% in hours late last week, resistance has then far remained flipped as support — 24-hours lows at press time were a comparatively impressive $7,650.

Bitcoin 1-day price chart. Source: Coin360 Bitcoin ane-day price chart. Source: Coin360

Bitcoin has even so to challenge major resistance posed past its 200-day moving boilerplate price, something which at $8,000 represents a fundamental next hurdle. At the same time, the incoming block advantage halving is a topic of huge interest for market participants.

"Every bit long every bit the toll of $BTC remains above $7,600, it's okay," a still cautious Cointelegraph analyst, Michaël van de Poppe, summarized on Twitter on Monday.

Belongings above $vii,600 grants further momentum upwards and possibly a breaker above resistance.

A slow grind upwards for stock markets reflected the sustained functioning for Bitcoin on Tuesday. Oil was weaker once more than, that sector withal having an overall weaker touch on BTC.

CME futures see fresh recovery

In terms of volume, meanwhile, figures continued to impress. Equally noted by analytics resources Arcane Research, stability is returning afterward terminal month's crash, volume resetting past returning to roughly its position at the start of the year.

So also was open interest on Bitcoin futures. According to data from Skew, volume and open involvement put in another consecutive week of growth since mid-March.

CME Bitcoin futures open interest and volume 1-year chart. Source: Skew

CME Bitcoin futures open interest and volume i-year chart. Source: Skew

Arcane also pointed to market sentiment exiting its period of "farthermost fear." As Cointelegraph reported on Monday referencing the Crypto Fear & Greed Index, the seven-week hyper-bearish spell was the longest in the indicator's history.

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