RATE Group | Two Key Reasons Why Bitcoin Must Clear $9,300 To Start A Strong Increase
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Two Key Reasons Why Bitcoin Must Clear $9,300 To Start A Strong Increase

28 May Two Key Reasons Why Bitcoin Must Clear $9,300 To Start A Strong Increase

Posted at 08:12h in Bitcoin News by

Bitcoin avoided a major downtrend and recovered from the $8,680 support against the US Dollar. BTC price is trading above $9,000, but it must clear $9,300 to start a strong increase.

  • Bitcoin is up more than 4% and it climbed above the $9,000 resistance.
  • The price is trading well above the $9,100 level, but it is still facing hurdles near $9,300.
  • There is a rising channel forming with support near $9,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase if it settles above the $9,300 resistance zone.

Bitcoin Price Gaining Bullish Momentum

Bitcoin price formed a strong support base near the $8,680 level and recently started a decent recovery against the US Dollar. BTC price broke a couple of important resistances near $9,000 to move into a short-term positive zone.

Besides, there was a close above the $9,100 level and the 100 hourly simple moving average. The price traded close to the $9,300 resistance zone and traded as high as…

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