Bitcoin Price ‘Cools Off’ at 8.7K After Best January Gains Since 2012

Bitcoin (BTC) calmed its bullish growth after a week of gains on Jan. 15, settling just below its highest levels in two months. 

Cryptocurrency market daily overview. Source: Coin360

BTC steadies 12% higher

Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting local highs of $8,885 on Tuesday, before a slight retracement an area around $8,700.

Bitcoin 7-day price chart. Source: Coin360

The repositioning caps a frenetic few days for the largest cryptocurrency, which cemented weekly gains of over 12% in just five days. 

So far, January 2020 has already marked Bitcoin’s most successful start to the new year since 2012 — on Jan. 1, BTC/USD traded at $7,150, or 25% below Tuesday’s peak.

Now, traders appearing to be taking stock, welcoming breathing space which steadied Bitcoin’s growth in line with previous predictions. 

For regular Cointelegraph contributor filbfilb, the current range was suitable for the price to “cool off,” nearing Bitcoin’s 200-day moving…