We got the breakout EVERYONE was predicting (#btc decided to play nice). Most are calling 9200 the next resistance, but I think we’ll “touch” 9400 then pull back to retest last support, then move to the next high. #bitcoin #cryptocurrency #hodl #halvening pic.twitter.com/nOS4TA9aNk — Mad Miner [SHA-256] (@Mad4Mining) January 14, 2020
The $9,400 level is quickly becoming a highly anticipated area for BTC traders, should bulls successfully close thought the current $8,700 ceiling. This price level was an extremely poignant support between July and September of last year, and propped up BTC price after three heavy down swings. Breaking above this level would re-establish a solid support for bitcoin as bulls eye down the fabled $10K target. From there, the final hurdle before five figures is likely to be around the $9,900 level. Looking at the chart above, we can see that this level also played a key role in supporting bitcoin during Q3, 2019. Perhaps more importantly, this level also acted as a strong resistance during BTC’s attempt to retrace back above $10,000 during the November rally. Any money trapped at this level is likely to offload on to the market if this level is achieved again. Best January Since 2012 At prices around $8,700, trader excitement and bot activity may be the chief drivers of price action. The new price moves may happen slower, or faster than expected, as the interplay of spot and futures markets discovers the new prices for BTC in 2020. For now, bitcoin staves off bearish scenarios, but volatility is not out of the question. In mid-January, BTC is now breaking previous January trends of a price slide, and rallying back to levels not seen in the past three months. What do you think about bitcoin price expansion this January? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @Mad4Mining The post appeared first on Bitcoinist.com.
source: https://bitcoinist.com/bitcoin-needs-to-overcome-these-three-levels/
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