Bitcoin Surmounts 9-Month Downtrend at $75K
The Bitcoin price has broken above its nine-month downtrend and is now trading at $75,225.
This marks a significant shift in momentum for the dominant cryptocurrency, which has been steadily climbing since August 21. The price increase of over 8.3% in value comes with a substantial trading volume of $60.27 billion.
The breakout above $75K resistance has put pressure on short sellers, with liquidations adding to market volatility. However, if buyers can absorb the overhead supply, Bitcoin could enter a new phase of price discovery, potentially targeting $83,307-$84,569.
Technical indicators are also indicating an extremely strong bullish signal, with the Moving Average Convergence Divergence (MACD) line above the signal line and a large gap between them. The Relative Strength Index (RSI) value of 93 is in an overbought state, suggesting a temporary exhaustion point may be near.