Bitcoin (BTC) bulls are attempting to start the weekend on the skilful foot by pushing the toll to $eight,500 and above.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

In the by 24 hours, Bitcoin price bounced off the 200-solar day moving boilerplate (DMA) at $8,200 and, as suggested earlier, an oversold bounciness on the shorter time frame provided traders with the opportunity to purchase the dip and push button the price to $8,500.

Volition Bulls flip the $viii,500 resistance?

At the time of writing, Bitcoin is even so pinned below the 50-menstruum exponential moving average (EMA) and it's possible that the former support at $8,500 will now function as formidable resistance.

Some positives are: the 4-hr timeframe shows the moving boilerplate convergence divergence (MACD) in the midst of a bull cross and the histogram has flipped positive by printing a greenish candle in a higher place 0.

BTC USD 4-hour chart. Source: TradingView

BTC USD iv-hr nautical chart. Source: TradingView

The relative strength index (RSI) is also at 48 which is close to bullish territory. Traders will note, however, that the RSI has flattened and the last two iv-hour candlesticks hint that bulls are struggling to maintain momentum, the last three have notched higher lows, which is encouraging.

BTC USD daily chart. Source: TradingView​​​​​​​

BTC USD daily chart. Source: TradingView

Should bulls push the toll through the l-EMA and sustain higher up the $eight,500 to $eight,650 zone, traders will look for the digital asset to notch a daily lower loftier above $8,790.

After this bulls will aim to secure a higher high above 9,200. Gains to $9,250 would tap the upper arm of the Bollinger Band indicator and restore the uptrend that was cleaved when the price dropped below the ascending trendline on January. 19.

$8.3K BTC price dip was "logical," says Bollinger Bands creator

It appears that yesterday's advice from Bollinger Band indicator creator, John Bollinger, was spot on. He advised investors to be at ease equally a pullback to the Bollinger Band moving average at $8,300 was perfectly "logical" and expected. Looking dorsum at Bitcoin's 24-hour price action one tin run across this is exactly what occurred.

BTC/USD (3)

Veteran trader Peter Brandt is likewise feeling quite bullish nigh Bitcoin's time to come price prospects. Earlier in the day, Brandt posted the above chart and tweeted that in his opinion everything volition be just fine with the price of Bitcoin unless the following atmospheric condition are violated:

"Reasons to believe current correction in Bitcoin could agree

1. Retesting upper boundary of channel is normal

2. Retesting xviii DMA

3. No 3DTSR has been triggered

four. January xiv low remains intact

Should above items change, then more serious correction could occur

$BTC"

For the brusque-term, traders are brash to discover whether or not Bitcoin tin sustain in a higher place the 50-EMA as multiple rejections and an increase in selling volume will be the get-go signs that the upside move is losing momentum.

Cautious traders might consider ownership a suspension out above $eight,750, which is the point where Bitcoin would secure a daily lower high and articulate the high book node of the volume profile visible range (VPVR) node at the same price.

Bitcoin weekly price chart. Source: Coin360

Bitcoin weekly price nautical chart. Source: Coin360

The overall cryptocurrency market cap now stands at $233.2 billion and Bitcoin'due south dominance rate is 66.ane%. As Bitcoin rallied iii.97% only a few of the top-ten altcoins posted marginal gains. Bitcoin SV (BSV) stood out with a 4.55% proceeds, along with EOS, which moved up 3.56%.

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