RATE Group | Bitcoin Eyes Best January Close in 7 Years After 30% Price Increase
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Bitcoin Eyes Best January Close in 7 Years After 30% Price Increase

29 Jan Bitcoin Eyes Best January Close in 7 Years After 30% Price Increase

Posted at 13:57h in Cryptocurrency News by

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  • Bitcoin’s convincing breakout above the 200-day average overnight has opened the doors for a move to $10,000.
  • The weekly charts are also flashing strong bullish signals.
  • The case for a quick rise to $10,000 would weaken if prices drop below the 200-day average at 8,894 with strong volumes.

Bitcoin appears set to register its best January price gain in seven years and could soon rise into five figures.

The top cryptocurrency by market cap is currently trading at $9,350 – a hefty 30 percent gain from the opening price of $7,160 observed on Jan. 1, according to CoinDesk’s Bitcoin Price Index.

If the gain is held through Jan. 31, it would be the best starting month to a year since 2013. Back in January 2013, bitcoin had rallied by 54 percent.

From 2015 to 2019, January has always seen bitcoin post losses. The cryptocurrency now looks certain to snap that losing streak. The 30-percent rally is the second-best January performance on record.

Bitcoin picked up a strong bid at lows…

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