RATE Group | Bitcoin Price Breaks Above Key Resistance Levels as Bulls Target $8.6K
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Bitcoin Price Breaks Above Key Resistance Levels as Bulls Target $8.6K

14 Jan Bitcoin Price Breaks Above Key Resistance Levels as Bulls Target $8.6K

Posted at 07:08h in Bitcoin News by

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Bitcoin (BTC) price has at last crossed above the $8,300 resistance, setting the digital asset up for a run at $8,500 and restoring bullish momentum to the current uptrend which has seen the price rise from $7,655 to $8,536 over the past week. 

Cryptocurrency market weekly overview. Source: Coin360

For the second time in a week, the price rose above the oft-referenced descending channel trendline which has served as a long term resistance for the last 7 months. While there are some traders who will have bought the breakout above resistance, cautious traders will closely watch the 4-hour close to see if the digital asset sustains above the trendline as previous price action shows Bitcoin repeatedly unable to hold above this level. 

BTC USD daily chart. Source: TradingView

At the time of writing, Bitcoin continues to push higher, setting a daily higher high for the first time since the Jan. 8 run up to $8,464 and clearing the $8,500 resistance level. Earlier in the day, Cointelegraph…

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