RATE Group | Bitcoin Lacks Momentum Above $9k: Here’s Why Bulls Are Comfortable
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Bitcoin Lacks Momentum Above $9k: Here’s Why Bulls Are Comfortable

06 Mar Bitcoin Lacks Momentum Above $9k: Here’s Why Bulls Are Comfortable

Posted at 05:44h in Bitcoin News by

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Bitcoin finally managed to clear the $9,000 resistance zone against the US Dollar. BTC price must stay above the $8,950 and $8,860 support levels to continue higher in the near term.

  • Bitcoin is trading in a positive zone above the $8,950 and $9,000 levels against the US Dollar.
  • The price traded as high as $9,172 and it is currently correcting lower.
  • There is a key bullish trend line forming with support near $8,860 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but it is likely to bounce back from $8,950 or $8,860.

Bitcoin Struggling To Gain Pace

After many failed attempts, bitcoin finally managed to pop above the $8,950 and $9,000 resistance levels against the US Dollar. BTC price settled nicely above the $9,000 level and the 100 hourly simple moving average.

A new weekly high is formed near $9,172 and the price is currently correcting lower. The current technical structure suggests that the price is lacking strength above $9,000.

It…

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