RATE Group | Bitcoin Bull Market Gains Steam, Breaks $9K for the First Time in 2020
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Bitcoin Bull Market Gains Steam, Breaks $9K for the First Time in 2020

19 Jan Bitcoin Bull Market Gains Steam, Breaks $9K for the First Time in 2020

Posted at 09:37h in Bitcoin News by

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On Jan. 18, Bitcoin (BTC) price finally made a strong push through the resistance level at $9,000 and rallied to $9,194 before pulling back slightly. BTC price has reached its highest level since early November, hitting $9K for the first time in 2020. 

BTC USD daily chart

BTC USD daily chart. Source: TradingView

The upside move brought the price above the main trendline of the ascending triangle in the $9.1 to $9.2K zone (highlighted pink) to set a daily higher high and open the door for further gains to $9,600.

Cryptocurrency market weekly overview

Cryptocurrency market weekly overview. Source: Coin360

Traders observing the 4-hour timeframe will notice that the price pulled right below the ascending triangle arm and this point could function as an area of resistance. 

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

Bitcoin’s previous price action from Oct. 26 to Nov. 8, 2019, suggests that bulls will need to flip $9.1K from resistance to support in order to see a continuation to $9.2 to $9.5K. 

On Jan. 18, Cointelegraph contributor Michaël van…

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