Bitcoin races towards $10,000 as analysts eye a move to fresh 2020 highs This article is more than 2 years old...
Bitcoin races towards $10,000 as analysts eye a move to fresh 2020 highs
Bitcoin and the aggregated crypto markets have been experiencing some intense turbulence over the past few days, with BTCâs recent drop below $10,000 halting the parabolic uptrends seen by many major altcoins.
2 min read
Updated: February 19, 2020 at 12:47 am
Cover art/illustration via CryptoSlate
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Bitcoin and the aggregated crypto markets have been experiencing some intense turbulence over the past few days, with BTCâs recent drop below $10,000 halting the parabolic uptrends seen by many major altcoins.
BTCâs bulls, however, have now stepped up and propelled the cryptocurrency off of its key support within the mid-$9,000 region, with its current momentum leading many analysts to anticipate an imminent break above $10,000.
This newfound momentum may ultimately allow the cryptocurrency to set fresh year-to-date highs, but one key resistance level must be surmounted.
Bitcoin bounces from mid-$9,000 region as bulls defend against further losses
At the time of writing, Bitcoin is trading up over two percent at its current price of $9,800, which marks a notable climb from daily lows of $9,500 that were set early yesterday morning.
It is important to note that the cryptocurrency did tap $9,800 overnight before facing a firm rejection, making it unclear as to whether or not this level will be easily surmounted in the near-term.
One factor that could have driven this recent rally was the âpassive absorptionâ of the intense selling pressure the crypto has been facing in recent times, showing that buyers are in firm control of the markets.
Cantering Clark, a prominent cryptocurrency analyst, recently spoke about this, explaining that the cryptocurrencyâs reaction to this passive absorption provides insight into the fundamental factors driving this movement.
âObvious signs of passive absorption are great for short term trades and validating a key level of support. Right away you can answer two of the most important questions. Who is in control? Who is getting off-sides? Now let’s see if it stacks up beyond just the pop.â
BTC could be on the cusp of setting fresh year-to-date highs
If Bitcoin is able to surmount the resistance it faces around its current price levels, analysts believe that the crypto could continue rallying until it reaches its 2020 highs at $10,500, with its momentum potentially allowing it to fly past this level.
HornHairs, another well-respected analyst, spoke about this in a recent tweet, explaining that this rally seems to have confirmed a bullish support/resistance flip, suggesting that a move to $10,500 is next.
âBTC update: All good so far. Daily lows swept into S/R flip. $10.5k looks to be up next.â
In the near-term, how Bitcoin reacts to the resistance at its current price levels should provide clarity into whether or not the crypto will be able to further extend its firm 2020 uptrend.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 4.59% over the past 24 hours. BTC has a market capitalization of $184.56 billion with a 24-hour trading volume of $47.15 billion. Learn more ›
Bitcoin On-Chain Analysis
Market summary
At the time of press, the global cryptocurrency market is valued at at $295.61 billion with a 24-hour volume of $173.81 billion. Bitcoin dominance is currently at 62.40%. Learn more ›
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