Bitcoin Price Pushes Above $8.8K as Bulls Attempt to Reclaim $9,000

After a pleasant weekly close, Bitcoin bulls turned up Monday prepared to push the price to the $9K mark and possibly above.

Over the weekend numerous crypto analysts suggested that if the price sustained above the $8,650 resistance Bitcoin would rally to $8,800 to set a daily lower high, consolidate, then make another run at the $9,200 mark.

Neither indicator is in overbought territory and at the moment Chaikin Money Flow oscillator has flipped positive above 0 and continues to rise, demonstrating that bulls are continuing to pump funds into Bitcoin.

Experienced traders will recall that when volume sustains throughout a strong upside move, oscillators like the Stoch, RSI, and MACD can become overbought and hold these positions as Bitcoin's price continues to surge higher.

The daily chart shows Bitcoin en-route to setting a new daily higher high slightly above $9,200 and this point also aligns with the upper arm of the Bollinger band indicator.

If bulls are successful in pushing the price above $9,230, traders will set $9,500 as the next destination for Bitcoin price.

Since July 16, 2019, this level functioned as strong support so if bulls are able to flip this resistance to support it would solidify Bitcoin's trend reversal and significantly reduce the likelihood that the price will drop below $8,000 in the near future.

Over the coming days bulls will fantasize about Bitcoin sustaining above $9,119.

The overall cryptocurrency market cap now stands at $245.8 billion and Bitcoin's dominance rate is 65.9%. As Bitcoin rallied 4.26% a number of the top-20 altcoins followed suit with impressive gains.

Bitcoin SV rallied 11.32% while EOS and Ethereum Classic gained 9.41% and 15.3% respectively.