- Bitcoin (BTC) continues to test new highs
- Bitcoin tops out at $9,400, a level not seen since November last year
- The safe haven narrative of Bitcoin has strengthened
Bitcoin News Today – Over the past four days, the price of Bitcoin (BTC) has been on a continuous uptrend. The latest move, which started a few hours ago, pushed the price of the digital currency to a new level not seen since November last year. The move pushed Bitcoin’s price up by more than 5 percent, from around $8,950 to top out at $9,400.
At that point, the digital currency is just $600 away from hitting five digits, which is more likely to happen this week if the bullish momentum continues. Since April last year, when it surged from $4,000 to $5,500, Bitcoin has not sustained a month of solid gains.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin’s Price Is Up by 30 Percent This Month
So far this month, the price of the world’s largest digital currency by market cap is up by about 30 percent. This marks one of the best performing Januarys for BTC in its short history. Josh Rager, a digital currency trader and analyst, recently commented on the correction calls that are still floating around the digital currency Twitterverse.
Rager pointed out that the downward trend has been closely broken and a close over the $9,557 on the weekly timeframe will confirm another higher high.
How long you bears going to stay bearish?
The downtrend is clearly broken on high time frame and if Bitcoin closes above $9557, that's a higher-high
Sure, BTC could pullback but stop with the $5k calls until price breaks at least below $8k (if it even gets there again) pic.twitter.com/MHLuSQih6M
— Josh Rager 📈 (@Rager) January 28, 2020
The bearishness is attributed to the Open Interest on BitMEX, which is closing in on $1B. Historically, there has always been a pullback at this level. In a tweet, Jacob Canfield – guest trader on Forbes and CNBC – said:
“Every time we’ve hit $1 billion we’ve seen a pretty big sell off.”
Bitcoin’s Safe Haven Narrative Continues to Grow Strong
The price performance of Bitcoin (BTC) so far this year has been exceptional, regardless of the pullback. The safe-haven narrative of the digital currency has grown stronger, clearly observed with the two major incidents that have happened in January.
Tom Lee of Fundstrat has been comparing returns for gold and BTC, and Peter Schiff has been very quiet on the subject. In a tweet, Tom Lee said:
“Bitcoin is best performing asset class YTD +26%… demand for “safe haven” is boosting Bitcoin and arguably, #Bitcoin is seen as a better “safe haven” than Gold.”
– Gold is up a decent 3% vs a whopping 26% for Bitcoin pic.twitter.com/GWKEfYGcut
— Thomas Lee (@fundstrat) January 28, 2020
Economic adversity, geopolitical tensions, and viral outbreaks will continue. There will always be a need for safe-haven assets and the younger generations are more likely to turn to something digital such as BTC. The FOMO in the crypto space is likely to continue, especially when the digital currency hits the $10,000 mark in the coming days. Bitcoin’s halving is also about 100 days away, and it is likely to add to the momentum.