Bitcoin Struggles Above $9K as Bull Breakout Stalls

Having witnessed a major bullish breakout, bitcoin (BTC) is now struggling to find acceptance above the $9,000 mark.

The cryptocurrency crossed the long-term descending trendline (drawn from the Dec. 17 high and Jan. 6 high) in a convincing manner and closed well above the resistance at $8,459 on Friday, signaling a bearish-to-bullish trend change.

However, in the last 48 hours, BTC has struggled to hold on to gains above $9,000 over the weekend, indicating bullish exhaustion around the key resistance.

As of writing, bitcoin is changing hands at $8,940 on Bitfinex – up almost 40 percent from the April. 1 low of $6,425…

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