Bitcoin Needs to Overcome These 3 Levels to Get to $10K – Bitcoinist.com


Bitcoin (BTC) prices are on another expansion spree, bringing the price to a new range. But if the leading asset is to regain five-digit prices, it needs to break above a few more vital resistance levels.


Bitcoin Stopped Just Under $8,700 Resistance

The price move this Tuesday brought BTC up from recent stagnation around $8,100, to just below $8,700, which represents the first of the key resistance levels. Until that level, all other milestones were taken over quickly, as bearish shorts got liquidated. This particular price point has historically held down bitcoin price on 3 separate occasions, with each bearish correction shortly followed by a strong surge.

Bitcoin remains relatively range-bound, with prices hovering constantly to attack resistance levels. BTC stalled at around $8,792, retreating and attempting to break the $8,700 resistance. Soon after that, bitcoin prices broke above that range to $8,718, possibly pointing to a bigger breakout rally, or a retreat below the resistance level.

Binance Banner  

The other two resistance levels appear to be around $9,350 and $9,940. Both of these are also levels which have had strong effects on bitcoin price over the last 9 months.

Current Rally Looks Strong.

Bitcoin manages to break to new highs relatively fast, and new resistance levels are seen coming relatively soon. This year, BTC established lows around $7,000 in December before reviving in fine style over the new year.

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.

Coinbase Banner  

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 Rundown

Go to Source
Author: Christine Vasileva


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.