• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin (BTC) Reclaiming $8,700 Sets Stage For Instrumental Push to $9,000

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 3min read
bitcoin
Advertisement
Listen to Article

For the time being, Bitcoin (BTC) has stabilized, finding itself trading in no man’s land around $8,500 over the past day. If the cryptocurrency begins to make a move on $8,700, however, analysts are sure that things will start to heat up once again, giving BTC the momentum to push higher in yet another massive leg to the upside.

Related Reading: Why All Bitcoin and Crypto Investors Should Consider U2F Security Keys

Bitcoin Needs To Reclaim $8,700

Just days ago, we saw Bitcoin experience a crazy bout of price action, trading between $8,000 and $9,100 within a six-hour time frame. Although BTC briefly tapped $9,100, breaking above the key $9,000 resistance level for a split-second, this surge ended up turning out bearish for the cryptocurrency market. After the aforementioned level was reached, BTC plummeted by $1,000 in the hour that followed, negating last weekend’s breakout.

Related Reading: Ethereum: Despite Recent Bearishness, ETH Still Has Incredibly Strong Fundamentals

But, after the sell-off, which almost resembled a flash crash, cooled, bulls began to take control of the wheel yet again. As of the time of writing, BTC sits at $8,550 and is currently trending higher in the short term.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Zoomed in version.

You want this retest to hold and we’ll head to the 618.$BTC pic.twitter.com/9hyTcPiEdv

— ₿-Eazy ? (@cryptoeazy) May 31, 2019

Analyst CryptoEazy points out, the best-case scenario from here would be for Bitcoin to retest, reclaim, and hold above the 0.618 Fibonacci Retracement level of the $8,000 to $9,100 range, which sits just shy of $8,700. He isn’t the first to think so. Popular commentator Mayne notes that if $8,700 is entirely reclaimed, meaning a number of candles (one-hour/four-hour) close strong above that level, he would be inclined to go “net long AF”.

As Josh Rager, a well-known crypto trader, draws attention to, “a cross and hold above $8731 would be bullish for a push back up over $9k.” Indeed, Bitcoin holding above $8,700 has recently been a sign that balls are in the bulls’ court.

$BTC Best Monthy Close since 2017 (over 62% gain)

The formation is still in rising wedge on 1 hr (LTF) and price needs to make it's way back up to where the support/flipped resistance at $8731

A cross and hold above $8731 would be bullish for a push back up over $9k pic.twitter.com/IE3RQXpTHQ

— Josh Rager ? (@Josh_Rager) June 1, 2019

What About A Pullback? 

Some have been adamant that a pullback is inbound, however.

The thing is, the cryptocurrency market has been on an absolute tear for the past eight weeks. Bitcoin has rallied by over 100%, while some altcoins, like Binance Coin (BNB), Litecoin, and Chainlink, have, to put it (not so) lightly, gone to the moon. As Ikigai’s Travis Kling recently pointed out, Bitcoin is up 129% year-to-date, while BNB has seen a jaw-dropping 432% performance, rallying off the exchange’s commitment to building a value proposition for the token.

Let's take a moment to celebrate May 2019. BTC just put in a Top 5 monthly performance (since 2013). It is now 168% off the lows from mid-December.

If BTC does another 168% from here, price will be $23,000.

Lol. pic.twitter.com/h3Il8d4chm

— Travis Kling (@Travis_Kling) June 1, 2019

In any other market, investors would be doing their utmost to secure profits, liquidating their digital asset stashes for fiat. Ironically so, it would be kind of like a bank run, with speculators running for the hills to secure their “lambo money”.

Here we are, though, with BTC continuing to post higher lows and higher highs. Yet, some analysts have suggested that bulls are getting exhausted at a rapid pace. Per previous reports from NewsBTC, Bitcoin Bravado’s Jack believes that the $4,900 to $5,125 region will act as somewhat of a price “magnet” in the coming months.

Firstly, Jack admitted that Bitcoin, more likely than not, will not see newer lows in this cycle, looking to the fact that from a high time frame point of view, the bull run is most likely on.

Yet, he notes that Bitcoin is most likely topping out, looking to the fact that when BTC moved above $8,300, that marked the fifth portion of the Elliot Wave pattern, and that the $8,800 resistance hasn’t been decidedly closed above. Bitcoin’s chart on shorter time frames also looks somewhat bearish. In fact, BTC has just broken below a descending channel and a medium-term trend line, and has topped twice at $8,900.

All this lends to the idea that BTC is quickly losing grip of its current uptrend, and could thus slip and/or take a ‘chill pill’.

Featured Image from Shutterstock
Tags: bitcoincryptomarket
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin En Route to $30,000 After Price Falls ~12% in a Day; Here’s Why

3 days ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

4 days ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

2 weeks ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

2 weeks ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.