Bitcoin bounces back above $8,500; will it continue the uptrend?

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Bitcoin is back above the $8,500 barrier signaling a potential further advance.

On Jan. 19, Bitcoin reached a yearly high of $9,170.

The flagship cryptocurrency pulled back 10 percent to hit a low of $8,250 on Jan. 24.

As a result, Bitcoin bounced off this price hurdle gaining over 3 percent of the value it had lost.

The recent upswing allowed Bitcoin to break above the 100-four-hour moving average, based on the 4-hour chart.

A further increase in the buying pressure behind the pioneer cryptocurrency could result in a retest of the 50-four-hour moving average that sits at $8,670.

This technical formation signals a price reversal from bearish to bullish, but Bitcoin could still make a lower low before breaking out of this pattern.

Closing below the 128-four-hour moving average could signal a steeper decline to the 200-four-hour moving average.

According to IntoTheBlock, over 63 percent of all Bitcoin addresses hold BTC for more than a year.

Although Bitcoin could certainly pull back from the current price levels, several technical indicators estimate that it could have entered a new bull run, from a long-term perspective.

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