After spending most of the week making regaining most of the last week’s loss in price, Bitcoin surged over 6% on Friday, closing the daily candle above the key $8,500 level before finding resistance at around $8,700. All eyes were on whether or not the Index would struggle to break through the $8,400-8,500 level, however, the bulls managed to break through with relative ease.
Attention for the rest of the weekend will now be on whether or not the bullish momentum can sustain, and thus if another run at $9,000 will be successful after the previous attempt was met by a huge sell-off from $9,100 to $8,000 within hours.
It has been a relatively uneventful week in terms of significant price movement for Bitcoin, with slow but steady gains after last weeks candle closed below the key $7,788 level. Many speculated that this would cause the bears to regain control and potentially drive the price all the way down to the $6,000’s. However, the bulls did not let this occur, and will once again, have their eyes on the $9,000 level.
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