RATE Group | Bitcoin Price Tightens as Traders Eye the CME Gap and $8.2K Support
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Bitcoin Price Tightens as Traders Eye the CME Gap and $8.2K Support

21 Jan Bitcoin Price Tightens as Traders Eye the CME Gap and $8.2K Support

Posted at 09:36h in Bitcoin News by

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The price of Bitcoin (BTC) tumbled down from $9,200 to $8,450 yesterday. However, bulls are defending the $8,600 level with strength. The market needs to find a support area before the continuation of the bullish momentum is likely. Did the market find one already? 

Crypto market daily performance. Source: Coin360

Bitcoin price finds resistance at $9,200

The price of Bitcoin rallied towards the $9,200 level through the past weeks, which makes it a 43% rally in just a month. However, the 0.618 – 0.65 Fibonacci level (the golden pocket ratio) provided resistance, and the price of Bitcoin dropped down yesterday. 

BTC USDT 1-day chart. Source: TradingView

Similarly, the $9,200 level used to be strong support during the summer of 2019 and can, therefore, be classified as a major hurdle to take for Bitcoin. If this level breaks upwards, a healthy continuation of the bullish momentum is likely with targets of $10,000 and $11,000 on the table.

BTC USDT 4-hour chart. Source: TradingView

The…

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