Bitcoin Price Already Up 25% in 2020 After Hitting $9,000
A surge higher to finally exit the $8,000 range was short-lived at press time as observers waited to see where support would appear.
Bitcoin (BTC) hit $9,000 on Jan. 17 as technical metrics continued to break both local and all-time records.
Cryptocurrency market daily overview. Source: Coin360
BTC clips $9,000 as traders lie in wait
Data from Coin360 and Cointelegraph Markets showed BTC/USD finally rising to the significant $9,000 boundary on Friday, following a bullish run-up overnight.
At press time, a slight retracement had sent the pair slightly lower to $8,900, with 24-hour returns still at 3% and weekly performance stronger at almost 16%. Bitcoin holders are currently sitting on monthly gains totaling almost 35%.
Bitcoin 1-day price chart. Source: Coin360
Now, however, attention is turning to shorter time frames. For regular Cointelegraph contributor filbfilb, despite Bitcoin’s bullish overall movements, the next close would be crucial in determining short-term trajectory.
Specifically, if BTC/USD were to close below the bullish candle, which took it to current highs, the chance of a bearish reversal would be on the table. The price under such circumstances would then paint a so-called swing failure pattern, or SFP, which in turn may keep the pair lower.
“When price pierces above a key swing high but then closes back below that swing high, we have a potential bearish SFP,” he summarized in private comments to Cointelegraph.
In addition, the 200-day moving average, which has served as major resistance for the past two years, is also hovering around the low $9Ks. Thus, it will likely present a critical barrier for the bulls if a run-up to $10,000 is to occur.
Bitcoin price vs. 200-day moving average, 2018-present. Source: Tradingview
Regardless, Bitcoin was exhibiting multiple trends to excite analysts as the week drew to a close.
Hash rate, a measure of