Bitcoin price has maintained a bullish mood on Tuesday to the extent of jumping above $8,500 resistance level. Is the BTCUSD the recovery heading to $9,000?
Yesterday January 13, the price of Bitcoin (BTC) was trading in a bullish trend zone. The bulls were able to push the price nicely above the $8,200 resistance level. This paved the way for additional gains above the $8,400 and $8,500 resistance levels.
Finally, Bitcoin price traded to a new 2020 high at $8,627 before correcting lower. At the time of writing, BTC price is trading at the $8,518 level.
On the 1-hour chart, the price of BTCUSD is in a bullish trend. In the short term, there could be a downside correction below $8,500 level. An initial support is near the $8,460 level. While the next support is near the $8,300 area, any further losses could lead the price towards the main support at $8,200.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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