Bitcoin (BTC) prices are on another expansion spree, bringing the price to a new range. But if the leading asset is to regain five-digit prices, it needs to break above a few more vital resistance levels.
Bitcoin Stopped Just Under $8,700 Resistance
The price move this Tuesday brought BTC up from recent stagnation around $8,100, to just below $8,700, which represents the first of the key resistance levels. Until that level, all other milestones were taken over quickly, as bearish shorts got liquidated. This particular price point has historically held down bitcoin price on 3 separate occasions, with each bearish correction shortly followed by a strong surge.
Bitcoin remains relatively range-bound, with prices hovering constantly to attack resistance levels. BTC stalled at around $8,792, retreating and attempting to break the $8,700 resistance. Soon after that, bitcoin prices broke above that range to $8,718, possibly pointing to a bigger breakout rally, or a retreat below the resistance level.
The other two resistance levels…