RATE Group | Bitcoin Price Ready to Bounce Higher From $8,200: Analysts
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Bitcoin Price Ready to Bounce Higher From $8,200: Analysts

09 Oct Bitcoin Price Ready to Bounce Higher From $8,200: Analysts

Posted at 00:11h in Bitcoin News by

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On Monday, Bitcoin spiked out of nowhere, reclaiming $8,200 in a 5% rally after a precipitous drop to $7,800.

Bitcoin Price Ready to Bounce Higher From $8,200: Analysts 1

Despite the slight retracement that has taken place since then, which took BTC down by 1-2% to $8,100 (Tuesday’s low), analysts are still leaning on bullish on Bitcoin, expecting the cryptocurrency market to break higher in the coming days.

Here’s why.

Bitcoin Shows Bull Signs

Although Bitcoin’s uptrend is not yet set in stone, there are signs that it is starting to commence a short-term recovery after late-September’s cliff drop to $7,700 from $10,000.

Trader CryptoBuzz noted that Bitcoin’s four-hour chart is showing a number of positive signs. These being a bullish retest of the 50 four-hour exponential moving average, marked by big bottom wicks (showing bullish demand); positive consolidation above the short-term support of $8,150, and the Relative Strength Index ready to break above an “ultimate resistance level”.

All these imply that Bitcoin bulls are gaining…

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