Bitcoin Price Can Bounce to $9.5K After Filling Futures Gap — Analyst

Bitcoin (BTC) fell below $8,000 overnight on Jan. 8, ending a brief period of bullish action that saw the price hit its highest since November 2019.

Cryptocurrency market daily overview. Source: Coin360

BTC tests new upper $7K support

Data from Coin360 and Cointelegraph Markets showed support in the $8,000 range prove to be weak, BTC/USD hitting 24-hour lows of $7,850.

The pair had reached as high as $8,400 on Wednesday, while at press time, markets were targeting an area $500 lower near $7,900. 

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported, Bitcoin began making gains last week as the crisis in Iran unfolded, despite mixed opinions over whether geopolitical events were influencing the cryptocurrency.

While the highest levels lasted only a matter of hours, analysts began turning their attention to the probability of Bitcoin sustaining support closer to $8,000 or more. 

For regular Cointelegraph contributor Michaël van de Poppe, the retracement looked primed to…