Bitcoin Price Update: BTC/USD falling triangle signals possible breakout to $9,000


  • Square Crypto announces the plan to build a Lightning kit for developers to aid in the adoption of Bitcoin.
  • Bitcoin recovers above $8,700 but the resistance at $8,800 still stands in the way of movements to $9,000.

Bitcoin bulls took over control of the price during the American session on Tuesday allowing for gains above the former resistance at $8,700. However, the recovery only occurred after a minor dip back to the support at $8,500. The momentum above $8,700, unfortunately, fizzled out shy of the 100 SMA on the 1-hour chart.

In the meantime, Bitcoin is trading at $8,720 amid a building bullish momentum. The largest is still fighting to correct the subtle bearish movement on Wednesday. The bullish trend coupled with the right volume and high volatility levels is the right ingredient for the recovery to $9,000.

The 1-hour chart features a forming falling triangle pattern. The improving bullish picture is likely to force the price above the triangle resistance. If broken, Bitcoin will only have one more hurdle at $8,800 before smoothly sailing to $9,000.

For now, Bitcoin is trading between the support and resistance of the moving averages. The 50 SMA is offering support at $8,656 while the 100 SMA hinders growth at $8,754. The ranging RSI suggests that the ongoing sideways action could last longer. As far as support goes, $8,500 will continue to function as the most significant. Other anchor areas include $8,400, $8,250, $8,000 and if push comes to shove, $7750 will come to the bulls' rescue.

Square Crypto to develop a Bitcoin Lightning kit

Square Crypto, the digital branch of the firm founded by Twitter’s CEO Jack Dorsey has announced its intentions to develop a Lightning kit that will aid in the adoption of Bitcoin. The move is to help Bitcoin wallet developers easily integrate micropayments network with the products they already have. The kit will include features such as an API, demo applications, and language bindings among others.

BTC/USD 1-hour chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and Ripple meet the ultimate resistance

BTC/USD pair is exchanging hands at $9,765 after a bearish Asian session on Monday. There was a struggle over the weekend to break that barrier at $10,000.

More Cryptocurrencies News

Ripple Price Analysis: XRP/USD spirals as $0.27 beckons

The cryptocurrency market is in shambles on Monday towards the end of the Asian session. Unlike the weekend session which was characterized by the struggle to break key barriers across ...

More Ripple News

Ethereum Price Analysis: XRP/USD dumps $7 from $275 weekly close

Ethereum had impressed many analysts and crypto enthusiasts with its weekly close above $275. Many had started seeing the grand gesture as the beginning of the journey to $300. However, sellers had a hidden ...

More Ethereum News

Litecoin Technical Analysis: LTC/USD ignores golden cross as rejection $80 continues

Litecoin price digs deeper into the Bollinger Band lower curve amid high volatility and a stronger bearish grip. If the short term trendline support gives in, there is a chance the price would slide back to the support at $65.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP