Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K

The price of Bitcoin found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.

Bitcoin still in an uptrend since the low at $6,500Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support.

The 4-hour chart of Bitcoin is showing a healthy support/resistance flip at $8,200, after which price broke through the $8,500 resistance.

Currently, the price of Bitcoin is facing the next resistance at $8,800.

Some significant resistances are shown on the chart, i.e. $9,000 and $9,200-9,400, which are two hurdles to overcome if the price of Bitcoin wants to continue moving upwards.

The $6,000 support of Bitcoin in 2018 was tested many times before it broke down.

This is healthy and would be almost required before the price of Bitcoin can continue to face higher resistance levels.

If Bitcoin can hold the $8,500 area for support, I see a breakthrough of the $8,800 and $9,000 as likely, after which $10,000 will become the primary target.

Clearing $10,000 could bring the price of Bitcoin towards $11,000 as well.

If the price of Bitcoin is to make lower highs with weak bounces, the downward trend is likely to resume.