RATE Group | Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K
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Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K

27 Jan Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K

Posted at 16:47h in Bitcoin News by

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The price of Bitcoin (BTC) found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.

Alongside with that, the total market capitalization of crypto found a support at $215 billion and starting to look bullish. Will this mean that the correction is over, and crypto is trending upwards?

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin still in an uptrend since the low at $6,500

Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support. A recent example is showing a bounce on the green area, which is the $8,200 level. This type of bullish support/resistance flips is a common occurrence in an uptrend market.

BTC USDT 1-day chart. Source: TradingView

BTC USDT 1-day chart. Source: TradingView

A break below $8,200 would have demonstrated weakness, as that level would not have provided enough buying pressure and support. Losing such a level would usually have been followed by a continuation downwards. An example is found after the…

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