RATE Group | Bitcoin Bullish Reversal Held Off As Bulls Fail To Defeat $9k Resistance
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Bitcoin Bullish Reversal Held Off As Bulls Fail To Defeat $9k Resistance

05 Mar Bitcoin Bullish Reversal Held Off As Bulls Fail To Defeat $9k Resistance

Posted at 05:19h in Bitcoin News by

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Bitcoin is slowly gaining bullish momentum above $8,800 against the US Dollar. BTC price must settle above the $9,000 barrier to start a convincing rally towards $9,500.

  • Bitcoin is showing positive signs above the $8,800 resistance area against the US Dollar.
  • The price remains well supported on dips near the $8,840 and $8,780 levels.
  • There is a major bullish trend line forming with support near $8,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a massive upward move once it clears the $8,960 and $9,000 resistance levels.

Bitcoin Likely To Regain $9K

Bitcoin seems to be forming a strong base above the $8,670 and $8,700 levels against the US Dollar. BTC price is currently rising and it recently broke a couple of key hurdles near the $8,800 level.

The price even settled above the $8,800 level and the 100 hourly simple moving average. However, the bulls are again struggling to gain momentum above the $8,960 and $9,000 resistance levels.

A high is…

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