Bitcoin (BTC) approaches the $ 8,500 but forms a rising wedge pattern

rise of bitcoin

This morning, bitcoin (BTC) arrived at the resistance at $ 8,300. Yesterday it already tested this resistance level, but then the cryptocurrency failed to break through. At the time of writing, that seems to be happening now and bitcoin is working on convincingly breaking the $ 8,300.

At the time of writing, the price of bitcoin (BTC) is $ 8,431 according to CoinMarketCap. This means that the largest cryptocurrency based on market capitalization has increased by 3.53% in the last 24 hours. Bitcoin dominance has also risen considerably since this morning. With bitcoin’s market capitalization of $ 149.7 billion, and the total market capitalization of $ 266 billion, the bitcoin dominance is now 56.3%. This is possibly due to the lagging altcoins that still mainly show red numbers.

When bitcoin arrived again this early morning at $ 8,300, it initially seemed that the rate would fall again. But around 8am bitcoin suddenly started a new rise. The volume also increased considerably, which may be the cause of this recent increase.

Bitcoin then broke the $ 8,300 and now seems to continue to rise towards the next resistance. This is around $ 8,500. If the price also breaks through this price level, there is another resistance at around $ 8,800.

Since June 9, when bitcoin last touched the support at $ 7,500, the direction of the price has been almost only upwards. Bitcoin increased more than 12% in value in about five days.

However, bitcoin now forms a rising wedge pattern on the hourly and 4-hour graphs . This can be compared to a rising trend channel, but the resistance and support lines are slowly coming together. Such a pattern is often a bearish signal as it shows that the bulls have difficulty retaining this momentum.

Analysts now expect bitcoin to fall from one of the upcoming resistances. A possible outbreak at the bottom of this pattern could possibly push the rate back to $ 7,500.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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