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 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.On the upside, the $8,680 and $8,700 levels are initial hurdles for the bulls. If they are able to surpass the $8,700 level, the next key levels to watch are $8,800 and $8,950. The main target above $8,700 may perhaps be $9,000 in the coming sessions.