The $8,500 mark will put an end to bear trend of bitcoin

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According to CoinDesk analyst Sebastian Sinclair, to start the phase of steady growth in the bitcoin price, it must break through the $8,500 mark.

He also notes that during the current year the price of bitcoin outlines patterns similar in many respects to those observed in 2015:

Three years ago there was also a pronounced bear market. At the same time, the long-term downtrend was interrupted in September, after which the stage of steady growth began.

For the transition to the phase of sustainable growth, Sinclair believes, bitcoin needs to confidently overcome the $8,500 boundary:

Also, the analyst stated that bitcoin is in a bearish trend for 241 days already.

In the context of short-term prospects another analyst – Omkar Godbole – notes that the price of the first cryptocurrency has broken the resistance line of the figure “Symmetrical triangle”. This, he believes, gives the BTC a chance to test the $ 6847 mark soon.

During the last days, the price of bitcoin as a whole demonstrates an upward movement, periodically accompanied by an increase in trading volumes:

The upward movement was preceded by the exit of the BTC price outside the framework of the figure “Symmetrical Triangle”. The lower border of the latter was the long-term trend line, connecting the June lows with the lower prices of the beginning of the second decade of August.

In general, the market picture shows the interception of the initiative by buyers. The latter, however, may face obstacles in the form of moving averages (MA), which still have a downward slope.

A few hours ago, “digital gold” touched the $ 6490 mark (Bitfinex exchange) and currently the price of the first cryptocurrency fluctuates around $ 6450.

On the hourly chart, you can see the exit from the “triangle”. This can speak not only about the interception of the initiative by bulls but also about the completion of a downward correction triggered by an active sell-off at around $7,400.

In this timeframe, the price is above MA with periods of 50 and 100, which may give some optimism to the buyers. However, uncertainty is added by the fact that the price has not yet overcome the resistance through which the MA200 passes.

The daily chart shows that the bulls managed to keep the price above the level of long-term support. However, now a serious obstacle is the 10-day MA. If the price manages to overcome this barrier, within a day or two BTC will reach resistance at around $6,847.