Bitcoin Price Analysis: BTC Rally Could Extend Above $8.8K

Bitcoin price rallied significantly and traded above the main $8,000 resistance against the US Dollar.The price traded as high as $8,345 and recently corrected below the $8,000 support.There is a crucial bullish trend line forming with support at $7,620 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to climb further above $8,400 and $8,500 as long as it is trading above $7,500.Bitcoin Price AnalysisThis week, bitcoin price started a parabolic rally above the $7,000 and $7,200 barriers against the US Dollar. There was a proper close above $7,500 and the 55 simple moving average (4-hours). The BTC/USD pair climbed above the $7,500 and $8,000 resistance levels to trade to a new 10-month high. It even traded above $8,300 and formed a high at $8,345. Recently, it started a downside correction below the $8,100 level. The price traded below the 23.6% Fib retracement level…

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