- Bitcoin (BTC) breaks over major resistance level
- BTC hits a new yearly high
- Bitcoin is poised for more gains, with both near term and long-term outlook being bullish
Bitcoin News Today – Over the past couple of hours, the price of Bitcoin (BTC) has been on a continuous uptrend. The digital currency has been showing some signs of a bullish trend. At the time of writing, the world’s most dominant digital currency is trading at $8,519 after an increase of 5 percent.
This is the highest level the digital currency has tested this year, as its recent surge was capped at $8,450, which caused BTC to return to $8,050. This 5 percent sharp increase is far from a stable uptrend. However, analysts believe that the short-term rally of the digital currency is not done yet.
Bitcoin Is poised for More Gains in the Near Term
Cold Blooded Shiller – a full-time crypto trader – pointed out that this latest move has helped BTC to break out of a pennant chart pattern. This move suggests that the digital currency would surge by 6 percent in the coming days towards the $8,800 mark in a best-case scenario.
Bitcoin (BTC) Price Today – BTC / USD
— Cold Blooded Shiller (@ColdBloodShill) January 14, 2020
A prominent digital currency analyst and Cloud and AI specialist at Microsoft – Joe McCann – also pointed out that the 10-day moving average and the 100-day moving average have just seen their first bull crossover since September. He also said that he has some worries about the BitMEX funding rate, which translates to too much optimism in the digital currency market. However, he noted that the crossover is a triangle pattern that has formed, suggesting a move to $8,800 in the near term.
Bitcoin (BTC) is not only looking strong on the near term outlook. Major indicators on a weekly basis have also begun to favor the bulls.
Bitcoin’s Long-Term Outlook Is Bullish
According to a recent report, the CIO of Bitcoin Fund Adaptive Capital – Murad Mahmudov – shared a textbook chart that applies to any financial market that shows that trend an asset’s open interest, price, and volume mean for assets. According to the chart, the most optimistic scenario for any market is if the open interest, volume, and price of the asset for its future market rise in tandem, suggesting bullish, strong price action and an overall trend of prices rising.
Bitcoin Price Action
Bitcoin is currently riding on the bulls, as the digital currency just tested a new year-to-date high. Bitcoin just broke over the $8,500 mark, and it looks poised for more gains towards the $9k level in the near term. At press time, the immediate support of the coin is at the $8,500 mark. On the upside, the immediate resistance is near $8,600.