Bitcoin [BTC], the world’s largest cryptocurrency, registered one of its strongest rallies since 2017 in May, with the king coin’s prices breaching multiple resistances at $6,400, $7,000, $7,600 and $8,000 in the span of a month. If yet another bullish surge was to be observed, Bitcoin could break its strong resistance at $8,300, and unlike other price movements, this could be the strong boost the cryptoverse was eagerly waiting for.
According to Bitcoin’s one-day chart, $8,300 was the last long-term obstacle for Bitcoin as the next significant resistance level was over $1,000 away. This is big news as up until now, Bitcoin had multiple resistance points to break to validate its bullish move. With three strong resistance points between $6,000 and $7,500, Bitcoin had to prove its mettle to maneuver the market in its favor.
However, with the $8,300 resistance briefly broken, the next significant resistance level is over $1,000 away. If the rally stays strong and breaches the immediate resistance level between $8,385 and $8,516, prices could skyrocket to the next resistance level between $9,356 and $9,600. This is significant since the choke point for the prices lie eerily close to this level, at the $9,800 range.
Further, the Fibonacci resistance levels also validate this speculation. Bitcoin [BTC] prices were scaled around the 23.6% Fibonacci resistance earlier in May. It was surpassed during the price surge which saw BTC cross $7,000. The next stop is the 38.6% Fibonacci resistance, which is also the next major resistance and is around the $9,400-mark.
Tone Vays, a prominent Bitcoin analyst, was of the opinion that the move could see a price pullback as well. According to him, if Bitcoin’s bottom was in, the king coin might reach the $9,000 price point swiftly, observe a major pullback, and then hit a new high low in the $6,000 region. He said,
“It would consolidate below the $9,442 resistance line for a period of 9 months, before breaching the 38.6% Fibonacci resistance.”
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