Bitcoin surges above $8,500 resistance level
The world’s major cryptocurrency has seen bottom reversal pattern which indicates bullish development
0'>Bitcoin price has been steadily growing throughout the weekend to test the resistance level of $8,500 on Monday, January 27.
During the weekend, the cryptocurrency was mostly below $8,500 (£6,490, $7,712) hovering around $8,300. Late Sunday Bitcoin demonstrated growth, as bulls attempted to push towards $8,600 resistance zone.
After briefly touching $8,684, the cryptocurrency saw a mild decline. At press time, Bitcoin was up 2.5 per cent, trading at $8,600.
Crypto trader and adviser Scott Melker wrote in his Twitter that the bullish development is now on the run, as Bitcoin saw double bottom breakout that indicates bottom reversal pattern.
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Another measurement, which indicated Bitcoin’s bullish run in April 2019 when the coin hit $13,800 mark, has also gone green. Guppy, which represents a collection of exponential moving averages, was green on the daily chart for the first time in around 300 days.
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Other major cryptocurrencies were also in the green on January 27. 0'>ETH was up 2.6 per cent trading at $166. XRP was up 2.5 per cent to $0.227.
Meanwhile, 0'>BCH was among the biggest winners, seeing 11 per cent surge to $360 in 24 hours.
FURTHER READING: Trading Bitcoin for beginners
FURTHER READING: Bitcoin explained
