Bitcoin (BTC) was challenging $nine,500 on February. 5 equally traders continued to be buoyed by bullish short-term charts.

RSI exits key flashpoint

Information from Coin360 and Cointelegraph Markets showed BTC/USD making fresh advances during Wednesday trading, gaining 3.7% on the day.

At press time, the pair traded virtually local highs of $ix,450, mimicking levels from Feb. two and January. 31 which in turn represent Bitcoin'south highest since tardily Oct.

Bitcoin 7-day price chart

Bitcoin 7-twenty-four hours price chart. Source: Coin360

Traders already prepared for gains after Bitcoin defended $ix,000 support earlier this week were keen to encounter signs of the cryptocurrency quashing resistance around the $ix,500 surface area.

The zone had proven tough to crack, despite markets hands chirapsia the previously broad resistance represented by Bitcoin's 200-24-hour interval moving average.

For Cointelegraph Markets analyst Scott Melker, the four-hr relative strength index (RSI) for BTC/USD was now pointing the style forwards.

"RSI is breaking out of its bull flag, as discussed. Boosted buys from the $9,090 area are looking for expert for me at the moment," he told Twitter followers on Wednesday.

RSI bankrupt out of its cardinal resistance area of effectually 55 late Tuesday, something which Melker noted "usually precedes" a copycat price move.

Predictions focus far beyond $10K

Boyfriend analyst filbfilb was meanwhile eyeing the six-hour price chart, which afterwards flashed bullish every bit Bitcoin approached $9,400.

"There seems to be a lot of buyers turning up on the books effectually these prices," he previously told subscribers of his Telegram trading channel at around $9,250, adding he was returning to a long position.

As Cointelegraph reported, a raft of technical factors is all pointing to sustained force for Bitcoin this year. Based on these, and the 200-day moving average, in particular, Fundstrat's Tom Lee predicted BTC/USD could proceeds an average of 197% in the side by side vi months.

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