Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.<\/p>\n
The upside is now showing potential of the beginning of a macro bull run. Nevertheless, there are still resistances to over-come before confirmation on technical charts.<\/p>\n
The daily high logged on spot exchanges is $8677.The price of Bitcoin [BTC] at 3: 15 hours UTC on 27th January is $8619.<\/p>\n
According to leading analysts, $8650 marks an important area for bullish continuation. Derivatives and crypto trader, TraderXO, tweeted,<\/p>\n
Coming into resistance at the weekly mid range of 88s Im currently short from 8640s 1\/3rd size filled further asks higher up Targeting low 82s 8150s Clear invalidation level for me is closing above the weekly mid<\/p>\n
Not only TraderXO, but also other prominent traders like George and SalsaTekila are in anticipation of resistance at $8650. George tweeted,<\/p>\n
If we dont reject around 8650 and close the day strong, Ill close shorts and flip bull. Lets see.<\/p>\n
Moreover, the 200-Day Moving Average at $8915 continues to act as the last big hurdles for bulls.<\/p>\n
Nevertheless, while the resistance levels are intact, the price also moved above the long-term bear channel once again weakening the bearish sentiments.<\/p>\n
The weekly close in the price was above $8500 at $8590. The price look strong above the 50-period moving average at $8000.<\/p>\n
Bitcoin [BTC] price records yet another CME gap, nevertheless, this time-around it is a bearish one. The futures contract prices opens with a $100 gap at $8595 yesterday.<\/p>\n
Moreover, similar to spot, the 200-Day Moving average seems to be acting as the critical region of support and resistance at the moment. The price has witnessed a bullish and bearish deviation, and is again attempting to make a run for it.<\/p>\n
Do you think the bullish run will continue or is it another bull trap? Please share your analysis with us.<\/p>\n
Summary<\/p>\n
Article Name<\/p>\n
Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears<\/p>\n
Description<\/p>\n
Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.<\/p>\n
Author<\/p>\n
Nivesh Rustgi<\/p>\n
Publisher Name<\/p>\n
CoinGape<\/p>\n
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