Yesterday's Bitcoin ( BTC ) rally stopped at the 200-day moving average near 8600. To enhance the bull case, we wanted to see Bitcoin ( BTC ) burst through the 200-DMA . If Bitcoin ( BTC ) does break above the 200-DMA , it would be incredibly bullish . If Bitcoin ( BTC ) doesn't break above the 200-DMA , then the bears have a window to press Bitcoin ( BTC ).

We prefer to maintain a positive crypto outlook headed into Q4. That said, we have to respect the chart, respect resistance, and respect the fact that there are bears out there.

Bottom Line: Yesterday's rally left us feeling optimistic. A break above 8600 implies a move to 9000. If Bitcoin ( BTC ) can't break above 8600, we have to respect the bears' point of view.

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