RATE Group | Bitcoin Price 4-Hour RSI Flips Bullish as Traders Brace for $9.5K
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Bitcoin Price 4-Hour RSI Flips Bullish as Traders Brace for $9.5K

05 Feb Bitcoin Price 4-Hour RSI Flips Bullish as Traders Brace for $9.5K

Posted at 19:14h in Bitcoin News by

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Bitcoin (BTC) was challenging $9,500 on Feb. 5 as traders continued to be buoyed by bullish short-term charts.

RSI exits key flashpoint 

Data from Coin360 and Cointelegraph Markets showed BTC/USD making fresh advances during Wednesday trading, gaining 3.7% on the day.

At press time, the pair traded near local highs of $9,450, mimicking levels from Feb. 2 and Jan. 31 which in turn represent Bitcoin’s highest since late October. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Traders already prepared for gains after Bitcoin defended $9,000 support earlier this week were keen to see signs of the cryptocurrency quashing resistance around the $9,500 area.

The zone had proven tough to crack, despite markets easily beating the previously broad resistance represented by Bitcoin’s 200-day moving average. 

For Cointelegraph Markets analyst Scott Melker, the four-hour relative strength index (RSI) for BTC/USD was now pointing the way forward.

“RSI is breaking out of its bull flag, as discussed….

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