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.