Bitcoin Price Strikes $8.5k Resistance
Bitcoin (BTC) price gained more than $8,500 after spending the last day trading in the $8,200 to $8,300 range as the weekly close approached. Recently, bulls are trying to break through the $8,500 to $8,650 resistance zone to edge toward a daily lower high of $8,800.
Earlier in the day, Scott Melker, a Cointelegraph contributor, detected the bullish development on the hourly timeframe. He tweeted a chart and stated, “Local double bottom breakout. Bottom reversal pattern.”
Before his tweet regarding the developing double bottom breakout, Melker also suggested that traders observe the $8,469 resistance on the 6-hour chart. He indicated that this might be a significant development.
In addition to that, market analyst Michaël van de Poppe tweeted too. He said that Bitcoin breaking over $8,500 was a good sign. However, it is not as significant as the necessity for the cryptocurrency to push through the $8,575 to $8,600 resistance. Van de Poppe thinks that the recent price action could finish with a bearish retest and a range-bound continuation.
Also, Van de Poppe suggested that traders must watch and wait if the price pulls back to the $8,500 support. He admitted that he is curious to see how BTC price performs during the week if it can hold on above $8,500 to $8,600.
In the previous analysis, the Bitcoin price must push through the 50-day moving average. And now, it has moved above this point. Traders will need to look for a close above the moving average. Then, the BTC price is now over the moving average of the Bollinger Band indicator, and the daily relative strength index is in bullish territory with a reading of 58.
The moving average convergence divergence (MACD), on the 6-hour chart, has a bull cross. And its histogram has shifted to positive. As a result, it showed a sharp increase in momentum.
Now, if the Bitcoin price could break to more than $8,650 and flip $8,800 from resistance to support the price, it can rally to $9,100. This lines up with the upper arm of the Bollinger Band indicator.
All in all, the crypto market cap stands at $237.1 billion now. And BTC’s dominance rate is 65.8%. Also, a handful of top-10 altcoins displayed impressive gains – with Bitcoin Cash (BCH) boosting 10.67%, Bitcoin SV (BSV) 5.32%, and XRP gaining 4.30%.
Cryptocurrency App Creator in India
More on crypto news, India’s Prime Minister Narendra Modi awarded young entrepreneur Harshita Arora. She developed the cryptocurrency price taking application amid an ongoing fight in her home country over the status of cryptocurrency.
On January 24, Modi stated that Arora’s passion for science, technology, and human welfare is evident. And then, she received the Bal Shakti Puraskar 2020 – an award is given to youth with contributions in the fields of scholastics social service, innovation, bravery, sports, and art and culture.
Born on October 2, 2001, Arora built an app to safeguard investors from scammers. The app, Crypto Price Tracker, is portfolio management and price tracking app.
Moreover, she worked on the Food AI application. This determines food in pictures. Also, she was on an application that helps biologists count cells in microscope images, the CellCount.
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