Bitcoin rallied more than 5% and broke key hurdles near $8,250 and $8,500 against the US Dollar. BTC price might continue to rise towards $8,780 and $8,800 in the near term.

  • Bitcoin price is gaining bullish momentum above the $8,400 resistance against the US Dollar.
  • There was a crucial upside break above the range resistance near $8,200.
  • Yesterday’s highlighted important bearish trend line was breached with resistance near $8,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct in the short term, but dips remain supported near $8,460 and $8,330.

Bitcoin Rallies 5%, More Upsides Likely

Yesterday, we discussed the chances of an upside break in bitcoin above the $8,200 resistance against the US Dollar. BTC price did follow a positive bias and was able to break the key range resistance near $8,200.

Moreover, the bulls pushed the price above yesterday’s important bearish trend line with resistance near $8,150 on the hourly chart of the BTC/USD pair. It opened the doors for more gains and the price rallied above the $8,400 and $8,500 resistance levels.

Bitcoin Price

Finally, bitcoin traded to a new 2020 high at $8,627 and it is currently correcting…



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Author: Aayush Jindal

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