A close above Monday's high of $8,368 is needed to weaken bearish pressures.
A bullish close, if confirmed, could yield a break above $9,000.
Bitcoin is better bid on the first day of the fourth quarter, but the relief rally is struggling to gather traction above a key former support-turned-resistance.
So far a sustained break above the 200-day moving average resistance at $8,440 has remained elusive.
The cryptocurrency is said to be in a bull market if it is charting higher lows above the key MA, while lower lows below the long-term average is taken as a sign of bear market.
A convincing break above the 200-day MA would strengthen the narrative put forward by the likes of popular twitter analyst Crypto Bitlord that BTC may have bottomed out near $7,700.
The outlook would turn bullish above $8,800, according to Rager.
The case for a rise to $8,900 would strengthen if a move above $8,500 is accompanied by a surge in buying volumes.
Bitcoin is currently struggling to beat the 200-day MA resistance.
A short-term bullish reversal would be confirmed if prices print a UTC close above $8,368 today, validating Monday's outside bar candle.
Bitcoin's $800 Price Recovery Runs Into Key Resistance
gepubliceerd op Oct 1, 2019
by Coindesk | gepubliceerd op Coinage
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