RATE Group | Bitcoin Price Faces the Last Big Hurdle Before $10,000
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Bitcoin Price Faces the Last Big Hurdle Before $10,000

01 Feb Bitcoin Price Faces the Last Big Hurdle Before $10,000

Posted at 17:13h in Bitcoin News by

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Bitcoin price (BTC) kicked off 2020 with an incredible 37% gain in the month of January. Aside from that, support was found at $8,200 earlier this week. This support test resulted in a continuation of the upward momentum, leading the price towards $9,500.

Is the price of Bitcoin ready to face $10,000?

Crypto market daily performance

Crypto market daily performance. Source: Coin360

Bitcoin shows strong monthly candle for January

The monthly candle closed yesterday, which can only give a bullish conclusion. A potential new upwards trend has started, given that buyers stepped in during January at every support/resistance test. 

BTC USDT 1-month chart

BTC USDT 1-month chart. Source: TradingView

However, is it all sunshine and rainbows at the moment? Not completely. The price of Bitcoin has now moved towards the next resistance, and this one can be defined as a major hurdle, as shown by the following chart.

BTC USD 1-day chart

BTC USD 1-day chart. Source: TradingView

The resistance at $9,500 is massive, given that the price bounced multiple times on this level…

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