Bitcoin Price Breaks Above Key Resistance Levels as Bulls Target $8.6K

Published at: Jan. 14, 2020

Bitcoin (BTC) price has at last crossed above the $8,300 resistance, setting the digital asset up for a run at $8,500 and restoring bullish momentum to the current uptrend which has seen the price rise from $7,655 to $8,536 over the past week. 

Cryptocurrency market weekly overview. Source: Coin360

For the second time in a week, the price rose above the oft-referenced descending channel trendline which has served as a long term resistance for the last 7 months. While there are some traders who will have bought the breakout above resistance, cautious traders will closely watch the 4-hour close to see if the digital asset sustains above the trendline as previous price action shows Bitcoin repeatedly unable to hold above this level. 

BTC USD daily chart. Source: TradingView

At the time of writing, Bitcoin continues to push higher, setting a daily higher high for the first time since the Jan. 8 run up to $8,464 and clearing the $8,500 resistance level. Earlier in the day, Cointelegraph contributor filbfilb suggested that: 

“Bitcoin price is currently consolidating above resistance and the most significant volume node on the visible profile visible range, or VPVR. If Bitcoin can complete bullish consolidation above $8,000, a measured move to the upside would take the price of Bitcoin to the top of the previous range at $9,500 and possibly as high as the next high volume node of $10,100.” 

Currently, Bitcoin price is above the 200-day moving average and the most recent price action suggests that $8,000 will function as strong support. Traders will now observe to see whether $8,300 will flip from resistance to support. 

Bitcoin weekly price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $223.8 billion and Bitcoin’s dominance rate is at 68.1%. Notable altcoins that moved alongside Bitcoin’s price increase were Bitcoin SV (BSV) with a surprising 22.87% gain, Bitcoin Cash (BCH) with a 6.46% gain, Litecoin (LTC) at 6.46% and Dash (DASH) which surprised investors by continuing last weekend’s rally to gain 14.32%.

Keep track of top crypto markets in real time here
Tags
Bitcoin
Bitcoin Price
Markets
Cryptocurrencies
Related Posts
Bullish Bitcoin newsflow gives bulls a boost ahead of Friday's $565M options expiry
On Friday, June 11, a total of $565 million in Bitcoin (BTC) options are set to expire. This is significant because the last couple of weeks have been a massive deception for bulls. After all, the price was struggling to sustain the $33,000 support. However, an unexpected bullish turn of events led to an 18.5% hike from the $31,000 low on June 8 to $38,491 today. This strong move saved the bulls because any level below $34,000 would have wiped 98% of the current call (buy) options. Who saved the day? First, MicroStrategy, a publicly-traded company that holds over $3.2 …
Bitcoin / June 10, 2021
Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K
If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway. Similar to previous cycles, after Bitcoin (BTC) makes a significant run-up in price and then enters a consolidation period, funds begin to migrate into large and small market cap altcoins. Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in a range between $57,000 and $60,200 over the past week, multiple altcoins saw double-digit gains as exchange listings and protocol developments brought a new wave of enthusiasm and trading volume for select projects. Tron ecosystem leads the …
Blockchain / April 6, 2021
Crypto Markets Make Slight Rebound After Bitcoin Touched Monthly Lows
Tuesday, May 29: crypto markets are steadily rebounding with all top ten coins listed on Coinmarketcap in the green. Market visualization from Coin360 After hitting monthly lows yesterday, Bitcoin (BTC) is slightly up 3.94 percent over the past 24 hours, trading at $7,513 at press time. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) has seen a more significant growth of almost 9 percent over a 24 hours period, trading at $571. Still, the major altcoin saw a major decline over the course of the past week, down 12 percent. Ethereum price chart. Source: Cointelegraph Ethereum Price Index …
Bitcoin / May 29, 2018
Bitcoin price reverses gains on New Year's Eve; hodlers continue stacking sats
Bitcoin (BTC) and the broader cryptocurrency market turned lower Friday afternoon, erasing intraday gains to cap off a highly successful year on a weaker note. Market Update The BTC price fell below $46,000 Friday and was last seen hovering below that level, according to data from Cointelegraph Markets Pro and TradingView. The flagship cryptocurrency is down 2.9% on the day to trade at $45,933. BTC's price is down more than 5% from the intraday peak. Altcoins faced a similar downward trajectory as Bitcoin, with the likes of Ether (ETH), Binance Coin (BNB) and Solana (SOL) each falling more than 2%. …
Bitcoin / Dec. 31, 2021
Total crypto market cap falls to $840 billion, but derivatives data shows traders are neutral
The total cryptocurrency market capitalization dropped 1.5% in the past seven days to rest at $840 billion. The slightly negative movement did not break the ascending channel initiated on Nov. 12, although the overall sentiment remains bearish and year-to-date losses amount to 64%. Bitcoin (BTC) price dropped 0.8% on the week, stabilizing near the $16,800 level at 10:00 UTC on Dec. 8 — even though it eventually broke above $17,200 later on the day. Discussions related to regulating crypto markets pressured markets and the FTX exchange collapse limited traders' appetites, causing lawmakers to turn their attention to the potential impact …
Bitcoin / Dec. 8, 2022