The price of Bitcoin hit $9,000 on January 17 as the technical metrics continued to break both local and all-time records. Even though the price later on corrected to the current price of $8,910, we can see that BTC is already up by 25% this year and the signal that it rose to $9,000.
At press time, the Bitcoin price news show that a slight retracement had sent the pair slightly lower to $8,900 with its 24-hour returns being still at 3% and its weekly performance remaining stronger at almost 16%. Bitcoin is in a good momentum and the holders are now sitting on monthly gains which are totalling almost 35%.
The attention right now is turning to shorter time frames. According to the analyst filbfilb, BTC is already up by a lot this year but despite its bullish overall movements, the cryptocurrency’s next close would be crucial in determining the short-term trajectory.
Specifically, if the BTC/USD pair were to close below the bullish candle which took it to the current highs, the chance of a bearish reversal would be on the table. The price under such circumstances would then initiate a pattern may keep the pair lower.
“When price pierces above a key swing high but then closes back below that swing high, we have a potential bearish SFP,” the analyst said in a private comment given to one media outlet.
In addition to this and the fact that BTC is already up by 25% in 2020, the 200-day moving average is also hovering around the low $9,000 region. Thus, it will likely present a critical barrier for the bulls if a run-up to ,000 is to occur.
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Regardless of this, the cryptonews today show that Bitcoin managed to drag the entire market upwards. Some altcoins are even performing better than BTC now and the total crypto market cap is now at $244 billion.
For instance, we can see that Ethereum (ETH) recently hit the $170 mark in a 6% increase, Bitcoin Cash (BCH) is now at $343 with a 8% surge and EOS (EOS) is very close to $4 with a 9% rise overnight.
The biggest gainer on the day is Ethereum Classic (ETC) which managed to add 30% to its price and is now at $9.80. Analysts hope that the $10 mark will be crossed today as well.
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