Bitcoin (BTC) Reclaiming $8,700 Sets Stage For Instrumental Push to $9,000

[bitcoincash]

For the time being, Bitcoin (BTC) has stabilized, finding itself trading in no man’s land around $8,500 over the past day. If the cryptocurrency begins to make a move on $8,700, however, analysts are sure that things will start to heat up once again, giving BTC the momentum to push higher in yet another massive leg to the upside.

Just days ago, we saw Bitcoin experience a crazy bout of price action, trading between $8,000 and $9,100 within a six-hour time frame. Although BTC briefly tapped $9,100, breaking above the key $9,000 resistance level for a split-second, this surge ended up turning out bearish for the cryptocurrency market. After the aforementioned level was reached, BTC plummeted by $1,000 in the hour that followed, negating last weekend’s breakout.

But, after the sell-off, which almost resembled a flash crash, cooled, bulls began to take control of the wheel yet again.