RATE Group | Falling Wedge Breakout Propels Bitcoin Price Above Key Resistance at $9.2K
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Falling Wedge Breakout Propels Bitcoin Price Above Key Resistance at $9.2K

28 May Falling Wedge Breakout Propels Bitcoin Price Above Key Resistance at $9.2K

Posted at 04:06h in Bitcoin News by

Within the past few hours Bitcoin (BTC) price managed to press through the $9,200 resistance level to $9,281. While the 2.58% gain may not be much to talk about, the move above the key resistance level is a step forward and the initial move to $9,180 closed the CME gap from last weekend.

Crypto market weekly price chart. Source: Coin360

Since dropping to $8,640 on May 25, Bitcoin price has gained 7% and this occurred as the S&P 500 and Dow both rallied higher this week. 

On Wednesday both indexes broke above their 200-day moving average, nearly reclaiming all of the losses caused by the coronavirus-driven correction that started in March. 

The sharp rallies in both markets also led analysts to suggest that the Dow is now “on track for its best week since the week ended April 8.”

BitMEX XBTUSD Liquidations. Source: TradingView

Data from Skew shows that as Bitcoin reclaimed $9,000 earlier in the day on May 27 approximately $18 million in XBT-USD short positions were liquidated. 

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