RATE Group | Bitcoin Price Surpasses $9,700 to Hit New 2020 High
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Bitcoin Price Surpasses $9,700 to Hit New 2020 High

05 Feb Bitcoin Price Surpasses $9,700 to Hit New 2020 High

Posted at 21:16h in Bitcoin News by

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Today Bitcoin (BTC) price pushed through the resistance at $9,400-$9,500, opening the gate for bulls to stampede to a new 2020 high at $9,745. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

On Feb. 4, BTC price traded slightly below $9,200 as bulls fought to keep the asset from falling below the key support. Today, alongside increasing purchasing volume, Bitcoin completed the three white soldiers candlestick pattern, which is a bullish arrangement and a signal that short-term trend reversal is in order.  

BTC USDT 6-hour chart

BTC USDT 6-hour chart. Source: TradingView

Further continuation past $9,700 seems likely as the Chaikin Money Flow indicator shows bulls are maintaining purchasing volume and the moving average convergence divergence (MACD) is in the process of pulling above the signal line on the 6-hour timeframe. 

If Bitcoin can flip $9,500 to support, there is a volume gap on the volume profile visible range (VPVR) indicator, suggesting the price could run to $9,975 to $10,160 unopposed. 

BTC USDT daily chart

BTC USDT…

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