04 Jan 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. Source: Coin360
Bitcoin still stuck in sideways range and downtrend
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. Source: TradingView
The…
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