RATE Group | Bitcoin May Have Just Rejected a Big Rally to the $9,000: Here’s Why
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Bitcoin May Have Just Rejected a Big Rally to the $9,000: Here’s Why

13 Jan Bitcoin May Have Just Rejected a Big Rally to the $9,000: Here’s Why

Posted at 07:32h in Bitcoin News by

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The bitcoin price looked to be en route of surpassing a key resistance level at $8,250 that would leave it open to testing $9,000 and levels higher above it. But, the weekly close below $8,500 may leave it vulnerable for a steep pullback.

In short-term trading, a weekly close is considered an important element that plays a factor in how the following week reacts. At crucial periods, a weekly close often dictates the price trend of bitcoin for many weeks that follow.

Bitcoin unable to close above $8,500 and a pullback is on the table

Prior to the weekly close on January 13, prominent cryptocurrency trader Jacob Canfield emphasized the importance of surpassing $8,500 and closing above it.

“I see a lot of bullish sentiment in the market. While I would love to see #Bitcoin reach $50,000, I still remain pragmatic an unbiased in my market view High time frames are still showing lower highs and RSI in a ‘transition’ zone. Need to see a weekly close above $8500+ in my opinion,” he…

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