Bitcoin Price Blitzes the $8.5K Resistance as Bulls Target $8.8K

As the weekly close approached, Bitcoin (BTC) price gained above $8,500 after spending the previous day trading in the $8,200 to $8,300 range. At the time of writing, bulls are attempting to push through the $8,500 to $8,650 resistance zone in order to inch toward a daily lower high at $8,800.

Bitcoin daily price chart. Source: Coin360

Earlier in the day Cointelegraph contributor Scott Melker spotted the bullish development on the hourly timeframe when he tweeted the following chart and said: “Local double bottom breakout. Bottom reversal pattern.”

BTC USD 1-hour chart. Source: TradingView

Prior to tweeting about the developing double bottom breakout, Melker suggested that traders watch the $8,469 resistance on the 6-hour chart as pushing above this would be a significant development.

BTC USD 6-hour chart. Source: TradingView

Market analyst Michaël van de Poppe also tweeted that Bitcoin breaking above $8,500 was a good sign but not as significant as the need for the cryptocurrency…