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Bitcoin Price Analysis: BTC/USD falling wedge pattern breakout brushes shoulders with $8,700

  • Bitcoin reclaims the ground above $8,600 after defending the support at $8,400 over the weekend session.
  • Bitcoin bulls are keen on establishing a higher support zone preferably at $8,600.

After spending most of the weekend in the range between $8,200 and $8,400. Bitcoin is pushing the gains above $8,500. The bearish pressure encountered last week found a formidable balance above $8,200. The return above $8,400 was very to the ongoing action.

Moreover, Bitcoin stepped above the moving averages. The move seems to be encouraging the bulls to increase their entries in addition to changing their focus from $8,700 to $9,200 (previous week resistance).

BTC/USD is changing hands at $8,617 and is slightly in the green considering the opening value of $8,594. Technical levels, including the RSI, seem to be aligning for a rally towards $9,000. However, Bitcoin must clear the resistance at $8,700 and $8,700 respectively.

The RSI at 65 is moving in the direction of the overbought. If the level at 70 is breached, expect more action with Bitcoin sailing through $8,800. At the same time, establishing higher support, preferably above $8,600 is key for the recovery journey this week. In other words, it will be helpful if $8,600 functioned as key support throughout the sessions on Monday. In addition to that, the 50 SMA on the 4-hour chart and the 100 SMA will provide more anchorage. 

BTC/USD 4-hour chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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