On its 11th anniversary, Bitcoin briefly dropped below $9,000, emboldening the bears to dream about the retest of the $8,800 level.
However, the top coin printed a string of big green candles at 12:00 UTC that pushed its price back to the $9,400 level.
Since Bitcoin's 40 percent price jump that took place on Oct. 25, it has dipped below $9,000 on multiple times, but never managed to stay here for a long time. According to cryptocurrency trader Josh Rager, there were bigger players that didn't give a chance for aggressive sellers to push the price further down.
'Crypto Rand' noticed that the recent pump allowed Bitcoin to break out of the falling wedge pattern. This is a bullish formation that could serve as a harbinger of more short-term price gains for the top cryptocurrency.
Trader Luke Martin (also known as 'Venture Coinists') says that it "would be a shame" if Bitcoin failed to surge above the $9,500 horizontal resistance.
At the time of writing, the O.G. coin is changing hands at $9,295, which means that the aforementioned target could be easily reached if more buyers decide to step in.
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