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Here’s Why Analysts Think More Upside Is Imminent

After trading below $9,000 ever since the blow-off top on Wednesday, Bitcoin has been subject to a strong recovery over the past couple of days, culminating in a breakout seen this past hour.

The cryptocurrency, as of the time of this article’s writing, is trading for $9,150 — more than 9% higher than the post-rally lows of $8,400 and up approximately 4% in the past 24 hours. Yet BTC is still a few hundred dollars shy of the $9,500 top.

Bitcoin’s breakout comes in spite of a number of bearish signals the cryptocurrency has printed over the past few days: 1) a sell wall consisting of 1,000 Bitcoin — worth over $8 million — that on Saturday morning appeared on Binance, and 2) BTC’s GTI Global Strength Indicator moving past 70, suggesting exhaustion of the bull trend.