Just last week, it was looking like bad news for Bitcoin, as the price of the top cryptocurrency floundered at around $7,800. However, the tables turned on Tuesday as BTC surpassed key resistance and achieved its biggest single-day rise in over a month at 8.74% gains, adding over $800 to its value.
At the time of writing, BTC is trading at $8,771, not quite up to Tuesday’s $8,900, but this is likely just a short-term correction. Bulls backing the top cryptocurrency are now gearing up to face the next major resistance – the 200-day moving average located at $9,100. This could be a distinct possibility if the bullish trend continues. In fact, popular analyst Josh Rager expects a potential break above $10,350, setting the bulls running for months to come.
Cryptocurrency prices head north
The bullish market mood isn’t only limited to bitcoin. Cryptocurrency prices have been moving up, with the market valuation of all 4,000+ coins reaching around $235 billion on Tuesday. ETH (Etherium) and XRP (Ripple) also enjoyed gains, with ETH currently trading at around $162 at the time of writing.
On 13th January, former Goldman Sachs analyst and Adaptive Capital executive Murad Mahmudov slammed cryptocurrency bears for betting against Bitcoin. Claiming that ‘bears are deluded at best, dishonest at worst’, Mahmudov backed up his argument with a chart that shows BTC passing key trend lines.
StormGain – trade crypto the smart way
If the last two weeks have shown us anything, it’s about the need to keep a cool head and stay informed during market fluctuations. There’s no doubt that Bitcoin and other cryptocurrencies will be a valuable investment in 2020, but taking advantage of opportunities requires a trader to both be able to play off both hot trends and have a good long-term plan.
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