Bitcoin Price Rallies Past $9,200.00 to Score a 4.17% Gain. Can It Extend Its Rally?

Bitcoin price had a strong bullish performance in yesterday’s trading. BTCUSD opened at $8,835.79 and closed with a 4.17% profit at $9,210.00. Now the question is, are there enough bullish momentum in today’s trading for bitcoin price to extend its gains?

As of this writing, the cryptocurrency is testing resistance at the 100 SMA. A strong bullish close above yesterday’s high at $9,300.00 could mean that the resistance has already been invalidated. Should this happen, we could see BTCUSD rally all the way up to its May 20 highs at $9,854.00. If there are enough bulls in the market, the cryptocurrency may even go all the way up to the $10,000.00 psychological handle.

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On the other hand, if resistance at the 100 SMA holds, bitcoin price could trade lower. We could see the cryptocurrency fall to $8,995.00 where it could test the 200 SMA. This price also corresponds to the neckline of the double bottom chart pattern. Reversal candlesticks around this price could indicate that bitcoin price will soon trade higher. On the other hand, if support at this price level does not hold, BTCUSD could fall further to $8,690.75 where the cryptocurrency bottomed on May 25 and May 26.

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