Bitcoin price update: BTC/USD soars above $8,400

  • BTC/USD defied the anticipated bear pressure from the rising wedge pattern.
  • BTC/USD buyers seem to be getting exhausted already as the RSI in the oversold starts to retreat.

Bitcoin rally is finally here and the bulls seem to awake. The rally comes after attempts of Wednesday and Thursday failed to yield significant gains above $8,300 culminating in declines towards $8,000.

The price has defied the anticipated bear pressure from the rising wedge pattern covered in other technical articles. BTC/USD jump past the pattern resistance is likely the main driving force for the gains.

Bitcoin is trading at $8,421 after trending higher 2% on Friday. Bitcoin and Ethereum are the only major cryptocurrencies in the green as per the intraday charts. The other crypto assets like Ripple and Litecoin are still lagging their reaction. Although, Litecoin was the top performer yesterday where it explored the levels close to $145.

Looking at the hourly chart for BTC/USD, the buyers seem to be getting exhausted already as the RSI in the oversold starts to retreat. The MACD in the same range is holding above 0.0. the divergence suggests rising buying power. Support above $8,300 likely to keep Bitcoin n an uptrend in the weekend sessions.

BTC/USD 1-hour chart

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