Bitcoin Price Already Up 25% in 2020 After Hitting $9,000

Bitcoin (BTC) hit $9,000 on Jan. 17 as technical metrics continued to break both local and all-time records. 

Cryptocurrency market daily overview

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

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

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