Bitcoin market overview: BTC/USD bulls play their cards right as rally takes shape

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  • Bitcoin holds on the three-months trendline as price picks up momentum.
  • Bitcoin breaks above $8,700 while the bulls have no intentions of giving up control.

Bitcoin performance in the last couple of days has been phenomenal especially when you consider the day towards last week where BTC/USD was stuck in a $600 narrow range while phased with indecision. The momentum gave it the power to climb well into the $8,000 bull territory, in turn, signaling for more buy entries.

Bitcoin current momentum has allowed the price to respect a long-term trendline that has held ground for the last three months. This trendline could signal further growth in the near future, after all the bulls have their eyes glued on $10,000 for the ultimate medium-term goal.

Meanwhile, Bitcoin is trading at $8,711, although it has corrected 0.20% lower from the intraday high of $8,711.83. The daily chart shows Bitcoin lower points finding rebounds above the trendline in spite of the up and down movements we have experienced in June. Analysts expect BTC to push the limits above this trendline this weekend and even break above $9,000 with the rendezvous point being $9,800.

Luke Martin, a renowned analyst recently shared his view on Bitcoin technical ability to correct higher via a tweet:

“The $BTC chart is probably the most exciting chart on my watchlist going into the weekend. If price can reclaim 8400 I would be convinced that the trend higher is ready to resume. After that confirmation I would be aiming for 9800.”

For now, $8,500 is the new short-term support. If the trendline support gives in (which is very unlikely) $8,000 and $7,500 will come in handy cushion Bitcoin from the losses. However, the general trend for BTC is bullish following the break above $8,700.

BTC/USD daily chart

 

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