- Bitcoin returns above $8,500 carrying the entire cryptocurrency market into the green.
- Bitcoin reversal seems imminent, especially if the RSI exits the overbought region.
Bitcoin has maintained a bullish mood on Tuesday to the extent of jumping above $8,500. The growth follows three days of dealing with the pressure from the selling front. The weekend was characterized by retracement moves from Friday’s failed attempt to break the hurdle at $8,200. The trading on Monday was marred with losses across the cryptocurrency market. However, Bitcoin managed to stick above $8,100.
The consolidation above the $8,100 was necessary for the gains experienced on Tuesday. The 1-hour chart clearly a digital asset that has the potential to sustain an uptrend despite the up and downs.
BTC/USD 1-hour chart
For now, Bitcoin is dancing slightly above $8,500 following a minor correction from the intraday high around $8,590. Technically, a
Meanwhile, the Moving Average Divergence Convergence (MACD) confirms that the trend is still in the hands of the bull. Although, the bulls should not expect dramatic movements towards $9,000. Establishing support above $8,500 will play a key role in the recovery heading to $9,000.
Bitcoin Key Levels
Spot rate: 8,519
Relative change: 415
Percentage change: 5.13%
Support: $8,200 and $8,000
The post Bitcoin Price Analysis: BTC/USD Rockets Past $8,500, What Is The Probability of Hitting $9,000? appeared first on Coingape.