- Bitcoin fails to break over $8,500 and starts to pullback
- Jacob Canfield expects Bitcoin price to hit $50k
- Altcoins are beginning to correct lower
Bitcoin News Today – The price of Bitcoin (BTC) has been rejected close to a crucial key hurdle point at $8,250. Breaking over this level would have paved the way for more gains towards the $9k level and even higher. Nevertheless, the weekly close below the $8,500 mark may leave it susceptible to a sheer pullback. In the near term trading, closes are considered a crucial element that plays a major role in determining the reaction of the following week.
At vita periods, a weekly close usually dictates the price trend of the world’s largest digital currency by market cap for several weeks that follow.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Pulls Back after Failing to Break over $8,500
Before the weekly close on Jan. 13, Jacob Canfield – a popular digital currency trader – pointed out the importance of breaking the $8,500 level and closing over it. Canfield said:
“I see a lot of bullish sentiment in the market. While I would love to see #Bitcoin reach $50,000, I still remain pragmatic an unbiased in my market view High time frames are still showing lower highs and RSI in a ‘transition’ zone. Need to see a weekly close above $8500+ in my opinion,”
On lower timeframes, the digital currency tried to break over the $8,400 mark three times in the past week. All the failed attempts of BTC and its week closing of the weekly candle suggests that the digital currency is not ready to break over the $9k level in the near term. On the four-hour chart, Bitcoin (BTC) was rejected at the $8,180 level, a level which it has been holding since January 11.
A bearish outlook on the BTC market comes after about two weeks of bullish sentiment, with technical pointers suggesting an extended rally is forthcoming.
Altcoins Are Starting to Correct Lower
After a strong week, some top altcoins in the market such as Bitcoin Cash and Ethereum have begun to plunge lower against the US dollar. For instance, Bitcoin Cash, which saw a weekly gain of more than 21 percent, is now down by about 3 percent, falling from $271 to $262. Despite having massive buy walls on top digital currency trading platforms, the second-largest digital currency by market cap Ethereum is down to $143 from $148.
The considerable drop in the prices of altcoins after a great week suggests investors are increasingly becoming careful about the near term trend off BTC and other top digital currencies. Over the past three weeks, altcoins have been following the price action of Bitcoin closely. At press time, the immediate hurdle of BTC is the $8,200 mark while its immediate support is at $8,100.