RATE Group | What Bear Market? Bitcoin Price Rises to $10,500 Eyeing a Breakout
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What Bear Market? Bitcoin Price Rises to $10,500 Eyeing a Breakout

02 Aug What Bear Market? Bitcoin Price Rises to $10,500 Eyeing a Breakout

Posted at 07:58h in Bitcoin News by

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Bitcoin (BTC) price climbed back over $10,000 to nearly $10,500 on the morning of August 2 as the market has shown a surprising bounce defying earlier calls by some traders for more downside. 

Market visualization

Market visualization. Source: Coin360

“August could turn out to be a good month”

Trader and market analyst Josh Rager said that BTC/USD moving back above $10,000 is finally showing some nice follow through. 

“A close above previous 4hr resistance is a nice sign,” he continued. “The good news about the death cross is that it leads to a golden cross as the 50MA is already starting to turn up.” 

Rager concludes that: 

“August could turn out to be a good month for price, IMO”

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Bitcoin Price bulls eyeing $10,600 resistance

Now, the next key resistance level to overcome is around $10,600 level, according to popular trader Filb Filb. However, the squeeze up continues for BTC on relatively low volume, which suggests that the market is still not…

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