Bitcoin Price Update: BTC/USD falling triangle signals possible breakout to $9,000
|- Square Crypto announces the plan to build a Lightning kit for developers to aid in the adoption of Bitcoin.
- Bitcoin recovers above $8,700 but the resistance at $8,800 still stands in the way of movements to $9,000.
Bitcoin bulls took over control of the price during the American session on Tuesday allowing for gains above the former resistance at $8,700. However, the recovery only occurred after a minor dip back to the support at $8,500. The momentum above $8,700, unfortunately, fizzled out shy of the 100 SMA on the 1-hour chart.
In the meantime, Bitcoin is trading at $8,720 amid a building bullish momentum. The largest is still fighting to correct the subtle bearish movement on Wednesday. The bullish trend coupled with the right volume and high volatility levels is the right ingredient for the recovery to $9,000.
The 1-hour chart features a forming falling triangle pattern. The improving bullish picture is likely to force the price above the triangle resistance. If broken, Bitcoin will only have one more hurdle at $8,800 before smoothly sailing to $9,000.
For now, Bitcoin is trading between the support and resistance of the moving averages. The 50 SMA is offering support at $8,656 while the 100 SMA hinders growth at $8,754. The ranging RSI suggests that the ongoing sideways action could last longer. As far as support goes, $8,500 will continue to function as the most significant. Other anchor areas include $8,400, $8,250, $8,000 and if push comes to shove, $7750 will come to the bulls' rescue.
Square Crypto to develop a Bitcoin Lightning kit
Square Crypto, the digital branch of the firm founded by Twitter’s CEO Jack Dorsey has announced its intentions to develop a Lightning kit that will aid in the adoption of Bitcoin. The move is to help Bitcoin wallet developers easily integrate micropayments network with the products they already have. The kit will include features such as an API, demo applications, and language bindings among others.
BTC/USD 1-hour chart
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