BTC Price Tightens As It Prepares For A Shot At $9,000

The BTC price tightens its gap as we can see that new gains are officially in on the market. In today’s Bitcoin news, we can see that the most dominant coin is close to $8,700 and should continue its upward surge towards $9,000 in the next few days, if everything is fine.

The strong two week performance helped BTC a lot as its price rose from $7,700 to $9,200. The top crypto asset appears to be consolidating before it makes another attempt at $9,200. This process may take place and Bitcoin’s dominance rate dropped slightly over the past period. All of this led to many altcoins rallying with double-digit gains which brought a lot of people testing or even pushing above their 2-year long descending trendlines.

Most notably, we could see that the ETH/BTC pair pushed above its long-term downtrend and was a major topic of analysts covering this altcoin. What we can see now is that as the BTC price tightens, the strong rejection at $9,200 on January 18 and the following drop from the ascending wedge pattern briefly flipped traders’ sentiment to a bearish one. This calls for a revisit to $8,000 and below the 200-day moving average.

Fortunately for many bulls, the sign that the BTC price tightens shows that many have done a good job defending the support zone at $8,470 and the shorter timeframe charts now show that Bitcoin is trying to press above the moving average and therefore visit $9,000.

Since January 19, BTC has dropped to test $8,475 even five times. Each time, traders have bought into the dip in an attempt to support further growth. All of this suggests that traders believe in Bitcoin and the possibility of another run to $9,000.

As the BTC price tightens, it also rides along with the moving average and the MACD indicator. According to these technical details, the upper support is located at $8,983 and is also lined up with the ascending trendline which BTC fell below on the January 18 pullback.

The BTC trading volume has also tapered off – an occurance which is typical before a sharp shift in price. The MACD has converged with the signal line of the 4-hour timeframe which paints a bullish signal.

In the altcoin news today, we can already see a couple of winners on the day which managed to exit the bearish momentum and rised to new heights. These include ETH, XRP and Bitcoin Cash (BCH).