RATE Group | Bitcoin May Collapse Towards Yearly Lows Because of This One Factor
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Bitcoin May Collapse Towards Yearly Lows Because of This One Factor

29 Jan Bitcoin May Collapse Towards Yearly Lows Because of This One Factor

Posted at 01:43h in Cryptocurrency News by

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Yesterday Bitcoin (BTC) found itself caught within a firm upwards tailwind that allowed it to climb to highs of $9,150 before finding some resistance that halted its momentum.

The cryptocurrency is now trading just a hair below its 2020 highs of $9,200, and it does appear that bulls are going to attempt to propel it above this level in the near-term.

Despite this mid-term bullishness, it is important to note that the crypto is currently trading above two key macro-support levels that exist around its year-to-date lows, and one analyst believes that BTC will soon revisit this region.

Bitcoin Races Towards 2020 Highs as Bulls Gain Momentum

At the time of writing, Bitcoin is trading up just under 3% at its current price of $9,020, which marks a notable climb from its weekly lows of $8,200 that were set last Friday when bears attempted to reverse the recent uptrend.

It is important to note that the rally seen by the cryptocurrency yesterday marked an extension of the momentum that was first…

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