Bitcoin [BTC] Price Analysis: Breaks Barriers Zooming Past $8,700 but Double-Top Pattern Hints Reversal

  • Various analysts believe that Bitcoin potential to hit highs towards $10,000 is still massive.
  • Bitcoin has the ability to correct above $9,000 during this weekend session if technicals stay intact.

Bitcoin has once again proved to the investors that the bull rally is here to stay and that it is not going to stop at $8,000. Bitcoin was for more than a week faced with indecision in a narrow range between $7,500 and $8,100. The $600 range saw the bulls lose hope in the uptrend as exhaustion set in. However, the break above the resistance at $8,100 on Wednesday and $8,400 on Friday reignited the momentum as Bitcoin embarked on an upward trajectory.

Bitcoin price Analysis – BTC/USD 1-hour chart

Bitcoin price analysis chart
Chart Source: Tradingview

The largest crypto asset rose above the next key hurdle at $8,600 and extended the gains above $8,700. A weekly high has been formed at $8,771.85 (on Coinbase). Bitcoin is currently trading at $8, 701 amid a weak retracement momentum.

Various analysts believe that Bitcoin potential to hit highs towards $10,000 is still just as strong as they were in May. A Fundstrat analyst recently said that Bitcoin is still in a bullish phase and is heading from the region between $9,800 and $10,000. Another popular analyst, Luke Martin told his followers on Twitter:

“The $BTC chart is probably the most exciting chart on my watchlist going into the weekend. If price can reclaim 8400 I would be convinced that the trend higher is ready to resume. After that confirmation, I would be aiming for 9800.”

BTC/USD upward correction and the formation a higher low pattern from the last weekend lows just above $7,500 led to the formation of rising wedge pattern whose breakout was instrumental in the breakout on Friday. Bitcoin zoomed above $8,400 gave the bulls confidence as they pushed the limits.

According to technical analysis in the short-term, Bitcoin has the ability to correct above $9,000 during this weekend session. Besides, higher support above $9,000 will place BTC in an upward trajectory in the coming week.

Bitcoin Key Technical Indicators

RSI 1-h: Overbought levels could result in exhaustion and reversal in the near-term.

Double –top pattern: Bearish signal (traders to stay alert and watch out for a reversal).

Key support areas: $8,400, $8,000 and $7,500.

Hurdles: $8,800, $9,000 and $9,800.

The post Bitcoin [BTC] Price Analysis: Breaks Barriers Zooming Past $8,700 but Double-Top Pattern Hints Reversal appeared first on Coingape.

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