RATE Group | Bitcoin Price Tightens as Traders Prepare for a Second Shot at $9.2K
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Bitcoin Price Tightens as Traders Prepare for a Second Shot at $9.2K

22 Jan Bitcoin Price Tightens as Traders Prepare for a Second Shot at $9.2K

Posted at 07:07h in Bitcoin News by

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After a strong two week performance that saw Bitcoin (BTC) price rise from $7,700 to $9,200, the top crypto asset appears to be consolidating before making another attempt at $9,200. As this process takes place and Bitcoin’s dominance rate dropped slightly, many altcoins rallied with double-digit gains which brought many to test or even push above their 2-year long descending trendlines. 

Most notably, the ETH/BTC pair pushed above its long-term downtrend, an occurrence covered in great detail by Cointelegraph contributor  Michaël van de Poppe. 

Cryptocurrency market weekly overview. Source: Coin360

The strong rejection at $9,200 on Jan. 18 and following drop from the ascending wedge pattern briefly flipped traders’ sentiment to bearish and calls for a revisit to $8,000 and below the 200-day moving average (200) surfaced. Fortunately, for bulls, traders have done a good job defending the support zone at $8,470 and the shorter timeframe charts currently show Bitcoin (BTC)…

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