BTC Price Action – Bitcoin Holds Support At $8,530, But Can BTC Break Above $8,846?
A bullish month for Bitcoin in May has seen a price rise from the lower $5,000 region to $9,100.
Now you could say much of the increase in Bitcoin’s price could be attributed to the Cryptocurrency Consensus in May which typically tends to drive the price of BTC in early weeks followed by a sell-off in price, however, this time seems different.
Bitcoin still remains in an uptrend and has managed to stabilize as support in key regions to signify where we could be heading.
Cryptocurrency Trader & Investor Josh Rager earlier tweeted his bullish stance on BTC’s price movement;
“Bitcoin held support at $8530 and pushed past the previous resistance at $8731, Next target break above $8846 and Bitcoin is off to mid $9ks, Long term trendline from May has held as support (dotted line) watch this to hold as support moving forward”
A majority of the replies to the tweet was met with equally bullish responses with one user mentioning;
“$8,940 is the last tinny bit resistance before the mid $9ks”
Bitcoin is approaching big psychological levels of resistance past 9k, but the trend-line in play is painting a clear picture of how well BTC’s price is responding from it.
Bitcoin Long Term Trend-line In May
Bitcoin in May first found a level of resistance around $7,400 followed by $8,270.
Both these regions then retested the current trend line in play, even with the CME futures buy order in May Bitcoin still managed to close above this trend-line.
Bitcoin has continued on a further uptrend climbing to $8,800, which seems to be the current level of resistance found with multiple attempts to close above but with no luck.
June offers the opportunity for Bitcoin to potentially rally past this region. But can it?
Can Bitcoin break and clinch above $8,846?
If BTC can continue to rally higher above this region then mid $9k may well be the next region targeted where the next key resistance area to watch out for will be around $9,600.
The trend-line in May looks set to continue to hold as support through June so I expect a further run up in price to increase bullish momentum.
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