The leading cryptocurrency has been priced below $ 7,000 on January 3 and has formed an upward trajectory since then. BTC reached a 3-month high of nearly $ 9,570 on Thursday.
At the current price of $ 9,245, Bitcoin is up 30% month on month – the best performance in January since 2013.
Additionally, Bitcoin is on track to achieve a double-digit monthly increase for the first time since June 2019, when the price has risen 26%. And a 30% increase in January is the best monthly performance since May 2019.
This month's uptrend marks a strong reversal peak from a 6-month downturn, pushing prices down from 13,880 to $ 6,425. While the bulls are still in control of the price action, February may once again become a 'favorable weather' month for BTC.
Bitcoin performance in February (2012-2019)
- Bitcoin grew well in February for the past 5 years.
- Only February 2 losses in the past 8 years.
The famous story that made February's name is that Chinese investors tend to liquidate cryptocurrencies before the New Year holiday in January and re-invest in February, causing prices to rise.
However, this time post-holiday reinvestments could be delayed due to the Corona virus outbreak, leading to the weakening of the upward momentum.
Thus, the Bitcoin market currently has no signs of cooling off.
Bitcoin closes the Month tomorrow.
A close above $ 9158 prints a higher high on the monthly close for the first time since June 2019.
There is also a bullish cross on the MACD above zero.
Difficult to have a bearish argument tbh. pic.twitter.com/At3D0tDWmk
– fil₿fil₿ (@filbfilb) January 30, 2020
“Bitcoin will close month tomorrow. If the price close on 9,158 dollars would be first forming the peak close month higher since June/2019. There is also intersection price increase of the Street MACD over 0. Almost no downtrend ”.
Analysts draw attention to the monthly chart, in which the MACD crossed above zero, confirming the change of downtrend to increase in price.
The uptrend will be strengthened if the monthly close is above $ 9,158, setting a higher peak.
The shorter time charts also report a strong uptrend.
Bitcoin broke out of the descending channel, which shows a bullish rally trend from a low of nearly $ 4,100 that appeared in early April 2019.
The breakout is supported by bullish indices on both the MACD chart and the relative strength index.
The weekly chart is aligned in favor of a bullish move towards $ 10,350 (October highs).
While the daily candles are red, the losses can be reversed after today, when the odds are good for the bulls.
Bitcoin defended the resistance to a previous support at $ 9,188 on Thursday with the sinking price candle. That strengthened the previous day's breakout above this level and signaled a continuing upward trend from $ 8,213 (January lows low).
According to MA10 and 5-day observation, the momentum is still strong.
The cryptocurrency can test and overcome resistance at $ 9,586 (November 4 high) and rise to $ 10,000 in the next few days.
The RSI has created a lower peak or a bearish divergence on the 4 hour chart. Therefore, a quick pullback of $ 9,000 cannot be excluded before the price changes into five numbers according to the daily and weekly chart.
The trend will remain up as long as the price holds above $ 8,213. The Bitcoin ratio falling below $ 8,000 is quite low according to famous analyst Josh Rager.
How long you bears going to stay bearish?
The downtrend is clearly broken on high time frame and if Bitcoin closes above $ 9557, that’s a higher-high
Sure, BTC could pullback but stop with the $ 5k calls until price breaks at least below $ 8k (if it even gets there again) pic.twitter.com/MHLuSQih6M
– Josh Rager 📈 (@Josh_Rager) January 28, 2020
“How long does it take for the bears to sustain the downtrend?
Downtrend is clearly broken on a long time frame and if Bitcoin closes above $ 9,557 then it is a higher peak.
Sure, BTC can pullback but stop with $ 5k predictions until the price breaks at least below $ 8k (if it even returns to this place) ”
Price of BTC today | Source: Coinmarketcap
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Bitcoin Magazine | Coindesk
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