Bitcoin price analysis: BTC/USD daily closure above $8500 is critical for bulls
|- Bitcoin price is holding gains of some 5%, as the bulls pick up momentum.
- BTC/USD is making a break above the strong daily resistance seen at $8500.
The Bitcoin price is trading up with gains of over 5% on Wednesday, as the bulls pick up momentum to the upside. Bitcoin price has been trading on a narrow range for the last couple of weeks and is subject to change given the recent strength.
BTC/USD had been moving within a tight range for over two weeks, the high at $8500, with the low down at $7700. These are the narrowest trading conditions seen since early September, as the price consolidates after a hard sell-off between 23 and 26 September.
The bulls are making a strong move above $8500, the daily candle closure above this is critical for further upside. It is where the price has been capped since late September, technically the daily break above $8500 would be encouraging for further buyers coming in.
BTC/USD daily chart
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