After surging to $9,200, Bitcoin bears got rejected hard and dropped to $8,550. The first volatility spike of the year saw a lot of activity last week. Derivatives crypto exchange, Deribit reported, “$101,747,000 in a single 10-minute candle.” In a matter of five minutes, Binance also saw $108 million longs getting liquidated.

However, this pullback after over a 30% surge in 2020 should be expected. What we need to keep an eye on now is the “market structure and the trend change,” points out investor and trader Josh Rager.

According to him, the price would likely bounce at low $8ks and things would be fine as long as BTC price doesn't make its way down past $7,700.

Currently, BTC/USD is trading at $8,569, while managing the daily trading volume less than a billion dollars on the top ten exchanges with real volume.

In tandem with Bitcoin, altcoins fell hard too except for two top cryptos, Bitcoin SV (BSV) which is still up nearly 11% and Tezos (XTZ) which is also enjoying 10% gains.

For now, $8,900-$9,000 is the key here, according to trader Credible Crypto. If BTC manages to reclaim it, $9,500 would be next but if we fail to do so, he sees bitcoin can revisit the range lows and head to low $8k’s.

Now that Bitcoin had a lower rejection off the 200MA analyst Jacob Canfield says the question remains if this was to form a new low like from that of July 2018 or is it a dump before a massive breakout like in February 2018.

This week will be “very telling for the overall macro ‘trend’,” concluded Canfield while sharing his analysis from earlier this month where he made a crazy but compelling case for BTC dumping to $4,888.

Trader Majin is also looking for even more pain. He calls out for $5k’s.

We're going to 5keks and there's nothing your silli halvening can do about it https://t.co/wXCbXw5rxp

— Majin (@majinsayan) January 19, 2020

While Bitcoin’s upward movement in January made Crypto Twitter bullish, Majin has been bearish all along. Last week he noted, “finex is showing my strategic gap-buffer concept pretty well. I'm confident it rejects hard from here.” He has been saying,

“Pa across 8keks is simply meant to shake bears out before heading back to 7 keks.” The rally fails to break through because he says this is “how capitulation of $6k liquidity void will occur to $5k volume node.”

The area around $9,500 is the distribution zone after 40% jump and the area between $5,600 to $6,900 is the liquidity void. He explains how after rally collapses panic will take us through the void to $5k’s. Below the $5k volume node comes the 2019 breakaway gap which is the next demand zone of interest between $4000-$5,000.

I wasn't wrong about the upgrinding keksolidation being a bulltrap. The bearish ambush shifted the chart in their favour. Price is currently being choked below the current week's vwap. And imo we're targeting that 8k area next. Where bulas have to defend their interests. pic.twitter.com/igZSNepmpm

— Majin (@majinsayan) January 19, 2020

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