Bitcoin News Today – Headlines for January 20

Bitcoin Trading
  • Bitcoin (BTC) plunges down to the $8,500 level
  • BTC finds a new support level
  • Bitcoin fundamentals are still strong, it is likely to start a fresh rally soon

Bitcoin News Today – Bitcoin (BTC) was recently on a slow but steady upward trend and broke over the $9k level. However, the digital currency failed to break over the $9,200 mark and it started correcting lower against the U.S. dollar. BTC plunged and tested the $8,500 support level before it returned back to the $8,600 level.

Bitcoin Finds Strong Support Level

Yesterday, Bitcoin (BTC) experienced a crucial breakout against the US dollar. The price of the digital currency surged higher over the $9k level. However, it was not able to break over the major $9,200 and $9,300 hurdle points. The digital currency formed a new year-to-date high at $9,186 before it started a sharp decline. The digital currency broke below the $9k and $8,800 support marks. Moreover, there was also a break below a major ascending channel with support close to the $8,830 on the one-hour chart of Bitcoin against the U.S dollar.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %

This move paved the way for more losses below the $8,800 support level and the 100-hourly simple moving average. Finally, Bitcoin (BTC) tested major support at the $8,500 mark. fortunately, the bulls took a stand at that point. Bitcoin (BTC) formed a low close to the $8,473 before it started recovering. The price of the digital currency surged over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,186 to the low of $8,473.

On the downside, the major upward trend support is close to the $8,500 mark. If the digital currency breaks below the $8,500 support mark, chances are it could plunge further towards the $8k support level. If Bitcoin (BTC) slides below the $8k level, it might start a downward trend in the short-term.

Bitcoin Is More Likely to Start a Fresh Rally Soon

If the world’s largest digital currency by market cap holds gains over the $8,500 support, it is more likely to begin a fresh rally in the near term. At press time, Bitcoin (BTC) is trading at $8,660 after a decrease of more than five percent over the past twenty-four hours. The first major resistance of the coin is close to the $8,800 level and the 100-hourly simple moving average.

Furthermore, the 50 percent Fibonacci retracement level of the previous swing from the high of $9,186 to the low of $8,473 is also close to the $8,830 mark. As such, the digital currency must surge over the $8,880 level to resume its upward trend towards the $9,200 and $9,500 levels in the coming days.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


Please enter your comment!
Please enter your name here

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