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Bitcoin is trading inside a corrective range with higher volatility after breaking above $9,000 with a daily close. This indicates strength of sellers along the way.
Bitcoin is currently taking a breath and trading sideways following massive buying pressure over the past couple of days. The bullish momentum sent it surging into $9,000 where it set fresh year-to-date highs. This price action confirms that Bitcoin is currently in a firm uptrend and could surge significantly higher soon.
Total the crypto market capitalization is back at its 2019 high as Bitcoin is developing a steady rally. Bitcoin's recent moves have lifted the total market capitalization to an 11-month high which is slightly above $290 billion. Late July 2018 was the last time when the total market cap topped $290 billion. We all know what direction markets followed over the next seven months.
Meanwhile, Bitcoin is forming an ascending bullish triangle pattern while consolidating between $9,000 to $9,400. After a bounce off the trend line support, the price may continue a steady rally towards $10,000 in the coming days. As the price remains above $8,500-9,000 with a daily close, BTC is likely to trade with the bullish bias.
SUPPORT: 8,500, 8,800, 9,000
RESISTANCE: 9,400, 9,500, 10,000
BIAS: BULLISH
MOMENTUM: VOLATILE
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