RATE Group | Here’s What Must Happen for $9K Bitcoin Price in the Coming Months
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Here’s What Must Happen for $9K Bitcoin Price in the Coming Months

Here’s What Must Happen for $9K Bitcoin Price in the Coming Months

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Bitcoin (BTC) made a sudden jump of 8% yesterday and is currently hovering at around $7,300. As the price bounced from $6,900, a higher low is presenting itself on the chart, but does this mean that the bottom is there? 

Crypto market daily performance

Crypto market daily performance. Source: Coin360

Bitcoin still stuck in sideways range and downtrend

BTC USD 1-day chart

BTC USD 1-day chart. Source: TradingView

The price of Bitcoin is still moving inside this downwards channel since last year’s high of $13,900. Remarkably, the price corrected towards the “Golden Pocket” Fibonacci area (0.618-0.65 level) and is currently showing a potential higher low. 

The green area is also a significant area from 2018, as that was the zone the price of Bitcoin bounced on for 6-months. 

Given that the price bounced from $6,900 to $7,400, there’s buying pressure shown from this area, indicating that the price might be bottoming inside this range. 

Linear chart showing potential wedge structure

BTC USD 1-day linear chart

BTC USD 1-day linear chart. Source: TradingView

The…

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