Bitcoin Price Analysis: BTC/USD must hold above $8500 for the big $10,000 return

Bitcoin price is trading in the green, up some 5.30% in the second half of the session.
BTC/USD near-term price action is narrowing ahead of further moves higher.
A bullish pennant is being observed following the strong break of the $8000 mark.

Ken Chigbo Independent Analyst

BTC/USD daily chart

The bulls are attempting to break down supply within the $8500, ahead of further moves to the upside.

BTC/USD 60-minute chart

Price action via the 60-minute chart view is moving within a bullish pennant structure, subject to a potential breakout north.

Spot rate: 8550.15

Relative change: 5.50%

High: 8587.33

Low: 8105.16

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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