RATE Group | Why Analysts See Bitcoin Breaking Out of the $8,800 Resistance Level Very Soon
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Why Analysts See Bitcoin Breaking Out of the $8,800 Resistance Level Very Soon

28 Sep Why Analysts See Bitcoin Breaking Out of the $8,800 Resistance Level Very Soon

Posted at 06:42h in Bitcoin News by

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Crypto analysts and investors have established the $8,800 resistance level as a short-term target for Bitcoin, based on the optimistic technical indicators of the dominant cryptocurrency.

Bitcoin Rally Ahead?

Most of the predictions on the short-term rally of Bitcoin originated from data provided by RIG trend lines — an indicator that combines the Relative Strength Index (RSI) and momentum studies. The RSI is intended to chart the current and historical strength or weakness of an asset based on the closing prices of a recent trading period.

The momentum gauge crossed the RSI, which likely indicates a positive price movement is imminent. Considering past instances, it’s worth noting that the last three times that these two gauges crossed this year Bitcoin’s price subsequently rose. When these two gauges crossed in mid-August, the cryptocurrency’s price rose by 21% over the next few weeks, according to Bloomberg.

The signs were first seen last week when Bitcoin lingered above…

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