Bitcoin Price Analysis: $8,700 is Important Resistance, According to Prominent Market Analyst

While bitcoin bulls seem to have regained control in the last 24 hours, they still have one more hurdle to clear.

“Key resistance is at $8,700,” popular market analyst @CredibleCrypto, who boasts of 52K Twitter followers tweeted on Sunday.

Bitcoin repeatedly struggle to print a sustained move above $8,700 multiple times last week. That makes the psychological level an important resistance.

@CredibleCrypto believes a break above $8,700 would fuel a big rally. Traders, however, should note that the 200MA is located near $9,000 and could apply brakes to the price rally.

If the DMA is scaled, chart-driven buying may pick up pace, possibly driving prices to levels above $9,200.

At the time of writing, bitcoin is trading around $8,700 on major exchanges. The cryptocurrency hit a high of $8,730 earlier today.