Bitcoin

With the breakout of the bullish flag pattern, the Bitcoin price rises to $ 9,200 when altcoins follow

The Bitcoin price (BTC) has exceeded $ 9,000 for the second time in 24 hours. On Saturday, the bulls managed to raise the price of the largest cryptocurrency listed on the CoinMarketCap to $ 9,010, but the price quickly declined to the bullish pennant and withdrew to the $ 8,800 support before attempting a successful second breakout . .

According to Coinmarketcap, Bitcoin’s market cap is currently $ 167,516,878,441.

Daily market chart for the crypto market

With the breakout of the bullish flag pattern, the Bitcoin price rises to $ 9,200 when altcoins follow
With the breakout of the bullish flag pattern, the Bitcoin price rises to $ 9,200 when altcoins follow

Daily price chart of the crypto market. Source: Coin360

The outbreak brought the price to $ 9,200. And at press time, the price of Bitcoin has dropped to the $ 9,100 level where traders are trying to build support.

In the short term, traders will find that the breakout occurred with a slight increase in volume, but the purchase volume has now returned to an earlier level.

BTC USDT 4 hour chart

4 hour chart for the BTC / USDT pair. Source: TradingView

There are a few Possibilities that could be developed in the next hours: The Bitcoin price could consolidate between $ 9,200 and the bullish pennant trend line, which also targets a high volume knot in the VPVR at $ 8,900.

Another more bullish result would mean that Bitcoin’s price went through the resistance of $ 9,200 take advantage of a slight bump VPVR from $ 9,176 to $ 9,486.

A short-term downward scenario would occur if the price were below 20 MA and $ 8,685, as the price could then drop to $ 8,400.

At the time of printing A bullish result seems more likely, as the MACD and RSI remain optimistic about 1 and 4 hours.

The Dealer Averse to risk You should wait for $ 8,800 support to try againwhile more aggressive traders might Consider buying a separation over $ 9,200 and take profits at $ 9,400 and $ 9,700.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

A group of old coins also recovered when the price of Bitcoin exceeded $ 9,000. Ether (ETH) rose 2.34%, Litecoin (LTC) 3.24%, Ethereum Classic (ETC) an impressive 11.59%.

According to CoinMarketCap, the total capitalization of the cryptocurrency market is $ 254.9 billion and Bitcoin’s dominance rate is 65.7%.

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