The price of Bitcoin trudged close to the $7,600 levels on January 6 following a quick overnight dip which brought the market above $200 billion months after the bearish momentum that lasted for a couple of weeks. As Bitcoin clears the new levels, a sustained sell-off was stopped and the largest cryptocurrency seems to be getting back on track over this important psychological mark.
The 24-hour highs for BTC in the latest crypto news hit $7,550 and data showed that previously, the BTC/USD pair lost support at $7,450 and fell to lows at $7,330. However, the support at those levels appeared stronger and allowed markets to bounce upwards. As a result, Bitcoin clears new levels and filled another gap in the CME futures markets too, this time the one at $7,385.
At press time, the pair traded at around $7,530 and challenged what many analysts believed to be a major area of resistance. One analyst named Keith Wareing said that Bitcoin would need to leave $7,600 behind in order to remove the likelihood of returning to lower levels.
“Should the price bounce back after the CME gap fills, it could mean that the bottom is behind us. I’m personally doubtful whether this is the case. However, the key resistance to break would be $7,600,” he wrote.
While Bitcoin clears new levels, more analysts are weighing in with their opinions. Michael van de Poppe was also featured for stating that Bitcoin was still rangebound in the $7,000 zone, with $7,800 acting as a point of upside interest.
“Main point of interest; holding range-low at $7,100 as support,” he wrote in a tweet.
Still stuck in the range, but getting a decent outlook. Following the plan here.
Would be interested to see whether we can break $7,400 and get towards $7,800.
Main point of interest; holding range-low at $7,100 as support. pic.twitter.com/IkDHoSDFW2
— Crypto Michaël (@CryptoMichNL) January 3, 2020
If we zoom out, we can conclude upon the idea that 2020 will produce a bull market. This is a popular theory right now and as we reported in the Bitcoin price news, many industry figures are already backing up the concept and stating that the current behaviour will give way to fresh gains.
The start of the new week produced a rare spate of profits for many investors and a lot of altcoins are already outdoing Bitcoin in the past 24 hours. The best performance is the one of Dogecoin (DOGE) which surged by 17.8% as part of the move that one well-known social media trader described as “the start of an alt season.”
UPDATE: #Dogecoin has passed the yellow trendline resistance . For me this means one thing: buy, buy, buy.#ALTSEASON #bitcoin #Ethereum #XRP #zcash #Dash
(Not financial advise) pic.twitter.com/1iPXQg7gFH
— Samu🐋 (@QuodSemper) January 2, 2020
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