Bitcoin Could Rally as its Price Momentum Expects a Significant Upsurge
The BTC/USD price settled below $8.7k; however, it secured powerful support above $8.5k. Currently, the price is inclining and may rally if it surges above the hurdle zone between $8840 and $8900. Yesterday, there was a retracement to the downside following the rejection of BTC/USD close to the $8.9k hurdle
The price went below the support at $8.7k, but the buyers defended $8.54k and $8.5k. However, the sellers could not take the price below the double top pattern’s neckline support at $8.54k. It led to a modest rise over the hurdle at $8.7k, and currently, the price is moving close to the limitations at $8.8k and 8.82k.
A Look at the BTC/USD Hourly Chart
The BTC/USD chart reveals the formation of a new breakout pattern with a hurdle close to $8825. A successful push over the triangle barrier and $8840 signals greater chances of additional upsides over the barrier at $8.9k.
Therefore, there is a likelihood of the double top pattern getting aborted, and the price could surge over $9k soon. Failure to surge over the triangle barrier and $8840 could prompt to move downsides. The significant initial support is close to the triangle at $8640.
In the event of a downside break, the sellers could likely focus on taking the price to beneath the significant supports at $8540 and $8500. It may, however, lead to an extended drop towards $8.2k. Currently, the bulls are striving, and it appears that it will be hard to take the price beneath the supports at $8540 and $8500.