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  • Bitcoin  price is trading marginally in the red, down some 1.00% in the second half of the session.  
  • BTC/USD bulls are making an attempt to test the upper resistance of a narrowing range-block formation.  
  • A heavy barrier of resistance  can be observed at $8500, BTC has not traded above since 25 September.

 

BTC/USD daily chart

The price has managed to catch some bull momentum for the first time in four days.  

BTC/USD 60-minute chart

Bitcoin has broken above near-term resistance at the $8000 mark and moving north of a descending trend line.  

 

Spot rate:                   8,137.92

Relative change:       +4.20%

High:                          8,242.48

Low:                           8,011.02