RATE Group | Why Bitcoin Price Should Retake $8,600 to Maintain Bull Trend
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Why Bitcoin Price Should Retake $8,600 to Maintain Bull Trend

10 Oct Why Bitcoin Price Should Retake $8,600 to Maintain Bull Trend

Posted at 17:06h in Bitcoin News by

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After a precipitous Bitcoin (BTC) price drop to $7,800 — a level which analysts have said will make or break the cryptocurrency bull run — on the weekend, investors were running scared.

Related Reading: Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs

But at the 11th hour, when all seemed lost, bulls stepped in. Since Monday, the leading cryptocurrency has recovered by some 10% to $8,600. Analysts say that it is imperative that Bitcoin claims $8,600, or else the bear trend threatens to continue.

BTC Needs to Hold $8,600

While Bitcoin has enjoyed some positive price action over the past 72 hours, the party has stopped — or at least paused temporarily — at $8,600. There, the cryptocurrency has found itself stuck, failing to break above that level.

This is for good reason. An analyst, whose analysis can be seen below, recently noted that at $8,600 exists a confluence of key technical trendlines that are preventing Bitcoin from heading higher. These…

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