Bitcoin (BTC) experienced a sharp selloff yesterday evening that led its price to dip as low as $8,200 before it found a significant amount of buying pressure that sparked a sharp movement up to highs of $8,500.
BTC now appears to be trading just beneath a critical resistance level that is halting it from climber higher, and a break above this level could spark a massive upwards movement.
It is important to note that the cryptocurrency has struggled to garner any decisive momentum in the time since it was rejected at highs of $9,200.
Bitcoin Bounces from Intraday Lows as Bulls Fight to Maintain Control
At the time of writing, Bitcoin is trading up 1.6% at its current price of $8,500, which marks a notable climb from its daily lows of $8,200.
These lows were set late yesterday and marked an extension of the bearish momentum the crypto garnered after it broke down from its consolidation range at $8,600.
It does appear that bulls are currently making a bid to reclaim this level, although it is important to note that BTC is currently hovering just beneath a key resistance level that could prove to be challenging for bulls to surmount.
Satoshi Flipper, a prominent cryptocurrency analyst on Twitter, explained in a tweet from earlier today that this is a “critical resistance” level for Bitcoin, and that a break above this level could lead to a violent upwards movement to $9,000.
“BTC at critical resistance. Slightly front run 8100 as expected, either way, this is a classic retest playing out. Bust through the 8500-8600 level and we’ll see 9k soon enough,” he said while pointing to the below chart.
$BTC at critical resistance.
Slightly front run 8100 as expected, either way, this is a classic retest playing out.
Bust through the 8500-8600 level and we'll see 9k soon enough…. pic.twitter.com/u5afctKl1h
— Satoshi Flipper (@SatoshiFlipper) January 24, 2020
BTC Could Be Over $9,000 By The End of This Weekend
As for when Bitcoin could break above this key near-term resistance level, it is important to note that its ability to continue tapping the resistance at $8,500 without incurring any swift rejection is a bullish sign.
Satoshi Flipper further went on to note in a later tweet that he believes this next upwards movement that leads BTC towards or above $9,000 will occur today or this weekend.
“BTC keeps tagging the resistance. Can only keep knocking on the door so long before breaking through. Today or this weekend IMO,” he explained.
$BTC keeps tagging the resistance.
Can only keep knocking on the door so long before breaking through.
Today or this weekend IMO.
— Satoshi Flipper (@SatoshiFlipper) January 24, 2020
Unless bears step up to the plate and catalyze a massive influx of selling pressure, it does appear that this latest drop to the lower-$8,000 region was simply a blip that will be followed by further upwards momentum.
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After a sharp fall on Dec 4, Bitcoin (BTC) has broken down from its bullish structure. However, it has initiated a short-term rebound.
The post Bitcoin (BTC) Bounces After Sharp Drop to $42,000 appeared first on BeInCrypto.
Bitcoin price declined recently and traded below the $8,575 support area. BTC to USD is currently recovering from $8,217, but there are many hurdles on the upside. Key Takeaways: BTC/USD Bitcoin price is currently correcting losses after a sharp decline towards $8,200 against the US Dollar.
Bitcoin bulls are facing an uphill task near $8,700 and $8,800 against the US Dollar. BTC price could either rally above $8,800 or decline heavily below $8,470 in the coming sessions. Bitcoin is showing a few bearish signs after it was rejected near $8,800.
Bitcoin reversed after a sharp dip towards the $8,400 support area against the US Dollar. BTC price is now signaling more upsides above $8,800 and $9,000 in the coming sessions. Bitcoin price bounced sharply and formed a bullish engulfing pattern above $8,550 against the US Dollar.
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Ethereum started a sharp decline from the $180 resistance, similar to bitcoin from $9,200. ETH declined towards $160, but it is likely to find strong bids near $158. Ether price was rejected near the $180 area and it declined below $165 against the US Dollar.
It has been more than 2 days of sideways movement for Bitcoin with little or no volatility. Usually, this type of movement is followed by a spike in volatility as well as the price.
Fractals
Often, The post Bitcoin likely to see a sharp decline to $7,800 appeared first on AMBCrypto.
With all eyes fixed on Bitcoin's valuation at the moment, the lesser-known assets with medium-range market caps were seen performing better than the large market cap assets.
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Bitcoin’s position within the lower-$7,000 region has been ardently defended by the cryptocurrency’s bulls over the past several hours and days, with the crypto’s overnight drop into the upper-$6,000 region being met with significant buying pressure that allowed BTC to post a sharp bounce to highs of $7,400.
Bitcoin (BTC) has been caught in the throes of immense volatility over the past several days and weeks, with the cryptocurrency recently dropping to lows of $6,500 before posting a sharp bounce to $7,400.
Рынок биткоина стремительно теряет ликвидность при одновременном росте волатильности, поэтому способен быстро развернуться в любую сторону. Такое мнение высказал стратег по цифровым активам компании VanEck Габор Гурбач.
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