TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

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.
Bitcoin Technical Analysis: BTC/USD flies towards $8,500 as focus shifts to $9,000
John IsigeJohn IsigeFXStreet

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

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

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

The RSI’s higher low pattern suggest that Bitcoin bulls' mission to hit $9,000 is achievable in the near term.

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

More from John Isige
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.