Price Analysis

Bitcoin Price Rally Continues Despite Hurdles Though BTC Pulls Back to 9K

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  • BTC heads to complete the bullish trendline after the recently halted price correction
  • Last 4 hours have been out and out bullish for Bitcoin amid positive technical indicators
  • The daily chart shows how the leading crypto coin is struggling to climb above $9000 again; BTC has even tested the support level below $8760
  • Despite the rough patch, Bitcoin has just managed to strike a bullish breakout of the falling flag pattern

Bitcoin seems strong-willed this time as it has resumed its uptrend recently today after facing price pullbacks. Instead of crossing the $9000 price mark, bears have ushered the coin below $8900 today and now the coin is already on its way to reclaim $9000.

Yesterday’s bullish price moves took the coin as high as $8965 and since then, Bitcoin has been tumbling. Today’s price corrections have traced a falling flag which has been breached very recently.

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Before bouncing back with a rebound, the price of Bitcoin has tested the support levels near $8744, which is below 38.20% Fib level. Bitcoin is currently approaching the 0% fib level with a bullish bias and is trading at $8878 at 11:43:38 UTC.

Bollinger bands may enter the volatile phase while the coin is already above the 200-day EMA line, noting a positive sign.

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In its 4-hourly chart, Bitcoin is steadily rising and is continuing its bullish trendline. The coin has surged from $8751 to $8865 within such a short time span. Here, SMA lines have formed a bullish crossover while holding a stable RSI. Meanwhile, the MACD indicator is about to see a bullish crossover.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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