Bitcoin surges above $8,500 resistance level

By Yana Berman

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.

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

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