Bitcoin breaks over $8,800, but the bears respond “not today”

A few hours ago, Bitcoin traders were thrilled to find Bitcoin had suddenly abandoned the $8,600 resistance to break above $8,800 in less than an hour.

It was a big move, and it would have confirmed the fact that bulls had gained enough strength to start a rally.

But easy come, easy goes in the world of crypto. An hour later, Bitcoin bears counterattacked, pushing the token down and closing the next candle below $8,500. That move canceled not only the bullish trend but also the support the Bitcoin bulls worked so hard to achieve.

After that candle (seen here), the market did not correct and continued to decline. Over the next 6 hours, the token dropped to $8,300, where it appears to have found support.

This would be the third day that Bitcoin has tried unsuccessfully to overcome the resistance set by the price average of the last 200 days (EMA 200). This event is critical for several traders…