Bitcoin (BTC) bulls don’t seem to be letting up the pressure. Over the past few hours, the price of the leading cryptocurrency has rocketed higher again, just tapping $8,800 just a few dozen minutes ago as of the time of writing this article. With this latest move, BTC is now up 30% from the latest lows around $6,800 and up 35% from the seeming macro lows of $6,400.
While the bullish pressure has left off slightly, with Bitcoin falling 2% or 3% from the local high of $8,880, analysts are still optimistic that a push higher into the $9,000 range can be had, if this one level is held anyway.
Bitcoin Needs to Hold $8,750
As of the time of writing this, BTC is trading at $8,729. According to prominent cryptocurrency trader Josh Rager, if “BTC can hold above $8750, we should see it push up to $9000 – $9100.” This would represent around a 4% move higher and may set the cryptocurrency up for even more gains in the future.
If $BTC can hold above $8750, we should see it push up to $9000 – $9100
The technical indicators corroborate the idea that Bitcoin will soon continue to press higher.
Firstly, Mohit Sorout, a partner at Bitazu Capital, noted that with BTC’s latest spike higher, it has broken above two key downtrend resistances that have constrained price action for the past seven months. Not to mention, the one-day Relative Strength Index (RSI) and On-Balance Volume (OBV) indicators have broken past similar downtrends, suggesting more upside is imminent.
Notably, the RSI metric is not yet above 70, meaning that the price of BTC is currently not overextended, implying the price has room to run.
Also, Financial Survivalism, a pseudonymous cryptocurrency trader that called BTC’s ongoing price explosion when Bitcoin was in the low-$7,000s, pointed out that the Ichimoku Cloud — a sort of all-in-one indicator showing key price points and trends — is “fully bullish,” with the indicator printing three distinct signals that suggest prices will appreciate.
Not to mention, altcoins have absolutely exploded higher, with the prices of Ethereum, XRP, Bitcoin Satoshi Vision, and just about everything else in this market seeing gains exceeding that of BTC. The leading cryptocurrency may follow these altcoins higher in the coming days.