- Bitcoin (BTC) Breaks below the $8k level
- Major resistance level halt Bitcoin’s bull run
- Bitcoin needs to hold gains over the $8k level to confirm the next major rally
Bitcoin News Today – The sudden uptrend of Bitcoin (BTC) over the past couple of days and weeks has enabled the digital currency to break through several hurdle points that were previously holding the price of the digital currency. The break of BTC over the $8k level yesterday resulted in a sense of euphoria amongst the bulls of the digital currency.
According to some analysts, Bitcoin is currently caught in the early phases of the next major bull run. However, it is crucial to note that how the digital currency response to this one major price level could be the one factor that invalidates or validates this incredibly bullish possibility.
Bitcoin (BTC) Price Today – BTC / USD
Major Resistance Level halts Bitcoin’s Bull Run
At the time of writing, the price of Bitcoin (BTC) is back to $7,966 after a decrease of about 5 percent over the past twenty-four hours. This marks a considerable decline from its daily highs of about $8,400 that it tested at the peak of the recent rally. It seems like in the near term, the price of the digital currency could break below the key support at $7,950, although a slight dip below this level over the past few hours has been absorbed by buyers quickly.
A popular digital currency analyst on Twitter – HornHairs – recently said in a tweet that he is closely watching the world’s largest digital currency by market cap to see how it responds to $8k for insight into which direction the digital currency would go next. He added that this could be the determining factor to know if the recent price rally indicates a long-term trend shift or not. In a tweet, he said:
“Maybe jumping the gun here but I’m willing to hop back in if we see another solid bounce & recovery at this demand. On the other hand, a close back below the range high would make me flip my bias & short a retest. If this does trend higher this will be an entry worth holding,”
May be jumping the gun here but I'm willing to hop back in if we see another solid bounce & recovery at this demand. On the other hand a close back below the range high would make me flip my bias & short a retest. If this does trend higher this will be an entry worth holding. pic.twitter.com/c1mQOKtV4A
— HornHairs 🌊 (@CryptoHornHairs) January 8, 2020
Bitcoin Needs to Hold over $8 to Confirm the Next Major Bull Run
Another popular digital currency analyst – Peter Brandt – gave his opinion about BTC in a recent tweet. The analyst said that the digital currency is currently trying to break over the upper boundary of a multi-year descending channel. However, bulls need to continue maintaining their buying pressure for this to be confirmed and for Bitcoin to enter the early stages of its next bull run.
“Has a new bull market began in #Bitcoin $BTC? 1. Market held support at the lower boundary of multi-yr channel 2. Small H&S bottom on daily chart 3. Pending penetration of 6+ mo channels… If enough cryptocultists have been shaken out since Dec ’17, then ‘yes’ If not, then ‘no’,”
Has a new bull market began in #Bitcoin $BTC?
1. Market held support at lower boundary of multi-yr channel
2. Small H&S bottom on daily chart
3. Pending penetration of 6+ mo channel
If enough cryptocultists have been shaken out since Dec '17, then "yes"
If not, then "no" pic.twitter.com/vpKQeOKqLI
— Peter Brandt (@PeterLBrandt) January 8, 2020