Bitcoin price is currently locked in a battle to stay above the descending channel and have another run at the recent high at $10,540. In order to do this, first, the digital asset needs to overtake the resistance levels at $9,300 and $9,400. As Bitcoin fights to stay above this all-important line, traders are likely beginning to wonder whether or not last week’s explosive pump to $10,540 was simply a one-off driven by Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology. But despite this morning’s breakout to $9,433, Bitcoin is still searching for solid ground after pulling back from the blow-off top at 10,540. Today’s move did bring Bitcoin above the descending channel but at the time of writing a higher was not achieved and the digital asset is still posting lower highs and lower lows. Read more
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