RATE Group | Bitcoin Price Breaks Out of Downtrend, But Gets Rejected at $8700 Resistance
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Bitcoin Price Breaks Out of Downtrend, But Gets Rejected at $8700 Resistance

14 Jan Bitcoin Price Breaks Out of Downtrend, But Gets Rejected at $8700 Resistance

Posted at 16:23h in Bitcoin News by

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Bitcoin price has been on an absolute tear over the last 24 hours, rallying from lows around $8,000 to as high now as $8700, giving bullish crypto traders confidence that a near-term bottom is in, and more upside could be in the days ahead.

However, before bulls could celebrate a clean break of downtrend resistance, the number one cryptocurrency by market cap has been rejected at $8,700, potentially putting an end to the early January 2020 rally. But if Bitcoin can reclaim such an important level of resistance as support, the downtrend could be concluded and another, extended rally could follow.

Rejected: Bitcoin Struggling to Break Through Resistance at $8,700

Bitcoin is at a very important moment in its young history. The cryptocurrency took off in early 2019 on a parabolic rally that eventually formed an “echo bubble” fractal, topping out at $14,000 just shy of the crypto asset retesting its former all-time high.

Related Reading | Comparing Current Bitcoin Breakout To Historic…

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