RATE Group | Bitcoin’s Price Needs Move Above $8,350 to Regain Bull Bias
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Bitcoin’s Price Needs Move Above $8,350 to Regain Bull Bias

30 Jul Bitcoin’s Price Needs Move Above $8,350 to Regain Bull Bias

Posted at 11:35h in Bitcoin News by

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Bitcoin’s (BTC) price is consolidating in a narrow range at press time and could regain bullish momentum above $8,350, technical charts indicate.

The leading cryptocurrency moved back above $8,000 on Friday as expected and was seen rising to recent highs above $8,500 over the weekend.

However, BTC has traded in a sideways manner in the last 60 hours. The upside has been capped around $8,300 and the dips to $8,050 have been short-lived, according to Bitfinex.

While the price consolidation despite bull breakout has neutralized the immediate bullish outlook, it is still too early to call a bearish reversal. Further, the buyers may feel emboldened if the $250 trading range is breached to the upside, resulting in a resumption of the rally.

As of writing, BTC is changing hands at $8,170 on Bitfinex.

4-hour chart

BTC witnessed a descending broadening channel breakout on Friday – a continuation pattern, which signaled a revival of the rally and opened the doors to re-test of $8,507…

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