Bitcoin Technical Analysis: BTC/USD flies towards $8,500 as focus shifts to $9,000

• Bitcoin rocketed past $8,000 on Tuesday and confirmed $8,400 amid a generally bullish cryptocurrency market.
• Bitcoin bullish action is likely to have been triggered by the US-Iran war as investors seek a safe haven.

Spot rate:  $8,355

Relative change: 195

Percentage change: 2.4%

Trend: Bullish

Volatility: High

Read more: Cryptocurrency Market Update: Bitcoin jumps towards $8,500, Ethereum and Ripple remain bullish

BTC/USD daily chart

Bitcoin price rested the descending channel resistance but the momentum lost steam short of $8,500.

Emerging bullish above the 50-day SMA, Bitcoin’s potential of trading above $9,000 was catalyzed.

BTC/USD 4-hour chart

Bitcoin price volatility is at its peaks as the price battles the Bollinger Band 4-hour upper curve resistance.

The zone at $8,150 presents itself as a key support stopping the reversal from highs around $8,464.

BTC/USD 1-hour chart

The RSI’s higher low pattern suggest that Bitcoin bulls’ mission to hit $9,000 is achievable in the near term.