Bitcoin (BTC) has continued to rip higher over the past few hours into the daily close. As of the time of writing this article, the cryptocurrency has just breached $8,300 for the first time in some six weeks, reaching as high as $8,360 as bulls have stepped in en masse.
While some say it is too early to tell whether or not this is a full-on reversal, analysts are becoming certain that Bitcoin has legs to run to at least $9,000 from here. Here’s why.
Bitcoin Price Has Legs to Run, Analysts Say
CryptoWolf pointed out that with Bitcoin decisively retaking $8,090, the top of a horizontal resistance level that has acted as a key region in the past, BTC is cleared for a move to $9,500 — around 13.5% above current prices.
Indeed, the low-$8,000s previously acted as a strong base for a rally and $9,500 acted as a key resistance, making it possible that a similar move could take place.
8090 HIT. pic.twitter.com/GY3go2hWiH
— CryptoWolf (@IamCryptoWolf) January 7, 2020
The technicals agree that the momentum for the cryptocurrency market remains positive.
Per previous reports from NewsBTC, trader Byzantine General noted that while BTC is slightly stalling, the four-hour chart just printed a 50 exponential moving average and 200 exponential moving average bull cross, suggesting bulls are decisively in control.
Also, Adaptive Capital’s new analyst, CL, recently argued that Bitcoin’s four-hour chart is showing clear signs of a reversal on a medium-term basis. The trader and chartist specifically looked to the Bollinger Bands indicator, which he claims shows a bullish trend is currently emerging:
“When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges. There is not much more to say, I will be buying dips. Send it.”
When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.
There is not much more to say, I will be buying dips. Send it. pic.twitter.com/GB1RA4M62n
— CL (@CL207) January 7, 2020
Also, Josh Olszewicz, analyst at Brave New Coin, found that the price of Bitcoin on Coinbase is at a slight premium to the price of the leading cryptocurrency on Bitfinex. This is purportedly an extremely bullish signal that underscored much of the cryptocurrency market’s rally seen in 2019.
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
Bitcoin is experiencing a severe downturn over the past few days. After trading above $96,000 on Monday, its price slipped below $80,000 today for the first time since November 11. This rapid decline marks a nearly 18% slump since the start of the week.
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Bitcoin has reached a landmark moment in its history earlier today, crossing the $100,000 price mark for the first time and cementing its position once again as the largest cryptocurrency by market capitalization.
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Bitcoin remained above a crucial support level at press time.
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At press time, Bitcoin was trading at around $69,000
Open Interest figures were around $36 billion, despite BTC's price decline
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Bitcoin price has formed a new all-time high, crossing into the $71,000 zone. The rally, however, is still ongoing at the time of writing. In the span of six days, the world’s biggest cryptocurrency has gained over 40% to trade at $71,000 at the time of writing.
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Bitcoin has once again been the center of attention following its recent surge to a new all-time high, only to face a subsequent downturn that tested the resilience of its market value. A few days ago, Bitcoin traded at $69,328 for the first time ever, but It experienced a pullback, dipping to the $59,000 region before regaining its footing and stabilizing above the $66,000 mark.
Cryptocurrency prices were mixed during the weekend, a few days after Bitcoin surged to over $64,000 for the first time since 2021. Bitcoin remained stuck above $62,500 while Ethereum was around $3,430.
Bitcoin (BTC) has crossed the $50,000 threshold for the first time since December 2021, suggesting that this is the best moment to accumulate it. This positive outlook has coincided with a big spike in the cryptocurrency market.
Bitcoin, the world’s biggest cryptocurrency by market cap, broke past $41,000 on Dec. 4 for the first time since a fierce digital asset crash in May 2022 that ushered in a months-long crypto winter.
After hitting $38,000 for the first time this year last Friday, Bitcoin has been unable to break through the critical $38k resistance level over the weekend. At the time of writing, Bitcoin is trading at around $37,400, according to CoinMarketCap.
Historical data suggested that Bitcoin’s value will not go below a support level.
BTC’s network activity remained robust, which was a bullish signal.
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This significant advancement was made possible by ZetaChain.
SUSHI pumped 17% on the news of BTC's integration.
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Robert Kiyosaki has predicted that Bitcoin's price is going to reach $100,000. Michael Saylor is aiming for $1 million. Is it a good time to start buying?
At press time, buying pressure was stronger than selling pressure in the market.
OI in Bitcoin futures jumped 7.28% over the past 24 hours.
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Bitcoin has once again flashed another particularly deadly formation that often sends its price into a downward spiral. This time around, a death cross that has not been seen in the digital asset for more than one year has appeared again.
Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption.
Surpassing 2022 figures in the process.
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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Strategy's massive Bitcoin acquisition underscores its commitment to cryptocurrency, potentially influencing market dynamics and investor sentiment.
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Coinspeaker
GameStop (GME) Stock Crashes 22% After Bitcoin Reserve Plan, Here’s Why
Along with the GameStop stock, BTC price is also seeing some selling pressure, dropping 1. 7% today and slipping under $86,000.
