- Bitcoin price formed a double bottom pattern near $4,940 and climbed higher against the US Dollar.
- Bulls pushed the price above the key $5,150 and $5,160 resistance levels.
- Yesterday’s highlighted major bearish trend line was breached at $5,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently trading in a positive zone and it could continue to rise towards $5,350 or $5,400.
Bitcoin price rebounded sharply above $5,200 against the US Dollar. BTC is back in a decent uptrend and it seems like it could climb towards the key $5,400 resistance area.
Bitcoin Price Analysis
Yesterday, bitcoin price revisited the $4,940 support area against the US Dollar. The BTC/USD pair found a strong buying interest near $4,940 and later started a decent upward move. It seems like the price formed a double bottom pattern near $4,940, which is a positive sign. It broke the $5,100 resistance and the 100 hourly simple moving average to start a solid upward move….
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