Bitcoin Technical Analysis: BTC/USD flies towards $8,500 as focus shifts to $9,000
- Bitcoin rocketed past $8,000 on Tuesday and confirmed $8,400 amid a generally bullish cryptocurrency market.
- Bitcoin bullish action is likely to have been triggered by the US-Iran war as investors seek a safe haven.
Spot rate: $8,355
Relative change: 195
Percentage change: 2.4%
Trend: Bullish
Volatility: High
Read more: Cryptocurrency Market Update: Bitcoin jumps towards $8,500, Ethereum and Ripple remain bullish
BTC/USD daily chart
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Bitcoin price rested the descending channel resistance but the momentum lost steam short of $8,500.
Emerging bullish above the 50-day SMA, Bitcoin’s potential of trading above $9,000 was catalyzed.
BTC/USD 4-hour chart
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Bitcoin price volatility is at its peaks as the price battles the Bollinger Band 4-hour upper curve resistance.
The zone at $8,150 presents itself as a key support stopping the reversal from highs around $8,464.
BTC/USD 1-hour chart
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The RSI’s higher low pattern suggest that Bitcoin bulls' mission to hit $9,000 is achievable in the near term.
Author
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
