Bitcoin Price Prints High Above $8,800

Bitcoin continues to scale one psychological resistance after another. 

The cryptocurrency rose above $8,800 a few minutes before writing and is currently trading at $8,780 on Bitstamp, having begun the UTC day at $8,100,

1H chart

The RSI continues to hover in the overbought region above 70.00. However, traders can ignore that as the price chart is showing no signs of bullish exhaustion. 

Moreover, the cryptocurrency ran into strong dip demand near $8,520 an hour ago, as indicating by the long lower wick of the previous candle. 

That candle has reinforced the bull flag breakout witnessed earlier today and boosted the prospects of a quick rise to $9,000.

Dips, if any, are likely to be well supported near $8,500. However, if that psychological support is breached, the bull case would weaken and additional losses toward the support line at $8,786 could be seen.