Bitcoin (BTC) has been caught within the throes of volatility over the past several days and weeks, with this turbulent price action leading the cryptocurrency to surge as high as $8,300 yesterday before incurring a significant amount of selling pressure that briefly pushed it below its key support at $8,000.
Buyers were able to defend against further downside, however, which ultimately led BTC to rebound to its current price levels around $8,200.
Analysts are now noting that the confluence of multiple separate factors suggests that Bitcoin is on the verge of seeing another major rally, which could lead it as high as $8,900 before it meets any significant region of resistance.
Bitcoin Rallies as Analysts Look Towards Key Resistance Levels
At the time of writing, Bitcoin is trading up 1% at its current price of $8,185, which is squarely between its daily lows of $7,950 and its daily highs of just over $8,300.
Although these tempered daily gains may not seem like much, it is imperative to note that BTC was able to post a strong rebound after its short-lived dip to below $8,000, signaling that there is significant vitality amongst the cryptocurrency’s bulls.
Analysts are now noting that Bitcoin and the aggregated crypto markets may soon see significantly further upwards momentum, with Nik Patel – a prominent cryptocurrency analyst – explaining in a recent blog post that he is targeting a movement up to $8,900 next.
“Now, looking at the 4H for more clarity, we can see that price thrust above the resistance zone at $7700 early in the week, immediately retesting and continuing towards $8500… ultimately looking for $8900 before any serious resistance is found,” he noted.
What Could Fuel a Further BTC Rally Towards $9,000?
Patel justifies this target by explaining that Bitcoin’s recent price action is about as textbook as it gets in terms of it posting a bullish reversal.
Among other things, he points to the bullish engulfing candle it formed after posting a strong bounce at $7,700 and its ongoing consolidation phase above $8,000 as factors that suggest BTC is about to see bullish continuation.
“Moreover, a bullish engulfing candle formed on this successful retest and price has since spent a couple of days in consolidation. In my opinion, this is about as textbook as it gets regarding bullish continuations,” he explained.
Patel also goes on to note that Bitcoin also recently reclaimed its 360-day moving average, which is just another factor that adds to the potential bullishness BTC is currently expressing.
Featured image from Shutterstock. The post appeared first on NewsBTC. origin »
It has been a turbulent past couple of weeks for Bitcoin, with the cryptocurrency first plunging to lows of $11,000 last week before incurring a strong rebound that has since led it all the way up towards $12,000.
The theft took place several days ago but was not disclosed immediately, incurring losses in Bitcoin (BTC) and possibly also in Bitcoin Cash (BCH) and MonaCoin (MONA).
At press time, the father of cryptocurrencies is up to $6,100. That’s about $100 more than where it stood during yesterday’s afternoon hours. The currency seems to be incurring small changes each day: $100 here, $200 there, etc.
At press time, the father of cryptocurrencies is hovering just over $6,000, marking a $200 drop from yesterday’s main trading position. The currency has been very up-and-down over the past few days, falling to $6,100, then spiking to $6,300 before incurring its present losses. It is unclear when – or even if – the present […]
Crypto exchange Bithumb is under investigation as South Korean police have raided the company’s headquarters. This action is in response to claims of embezzlement directed against Kim Dae-sik, the former chief executive officer.
Chinese electric car company Zeekr is integrating Minima’s blockchain to enable a tokenized system for secure charging station reservations. Minima, a decentralized blockchain network, is collaborating with European arm of Chinese electric car maker Zeekr to launch a charging solution…
The crypto market is bracing for major token unlocks over the next seven days, which could lead to more volatility ahead. According to data from Tokenomist, the crypto space will see a little over $428 million in token unlocks between…
The crypto market continues to struggle with downward pressure, with over $230 million in liquidations recorded in a single day. Per data from Coinglass, total liquidations were up 157% in the past 24 hours.
Bounce Token soared more than 36% on Sunday, gaining to an intraday high of $36. 17. Analysts predict a breakout for AUCTION price. Bounce Token (AUCTION) has surged by an impressive 36% over the past 24 hours, emerging as among top gainers in the 500 largest coins by market cap.
In a significant move that solidifies Bitcoin Magazine’s presence in Asia, HK Asia Holdings (01723. HK) has announced key leadership changes effective March 14, 2025. This development marks a pivotal moment for Bitcoin Magazine’s expansion strategy in the region.
Ethereum (ETH) developers are set to launch Hoodi, a new long-lived testnet, on March 17 as they work to resolve ongoing challenges with the highly anticipated Pectra upgrade. The testnet will primarily focus on validator exit mechanisms, one of the final hurdles before Pectra can move forward.