Bitcoin's Price Needs Move Above $8,350 to Regain Bull Bias
Bitcoin bulls could make a strong comeback if prices find acceptance above the key resistance at $8,300.
The leading cryptocurrency moved back above $8,000 on Friday as expected and was seen rising to recent highs above $8,500 over the weekend.
However, BTC has traded in a sideways manner in the last 60 hours. The upside has been capped around $8,300 and dips to $8,050 have been short-lived.
BTC witnessed a descending broadening channel breakout on Friday – a continuation pattern – which signaled a revival of the rally and opened the doors to a re-test of $8,507 (July 24 high).
However, the bullish move failed to materialize and the cryptocurrency ended up creating a sideways channel over the weekend,
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Phew!
That's a lot of money for a price of 1