RATE Group | Bitcoin’s Ongoing Bull Rally Hinges On This One Price Level
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Bitcoin’s Ongoing Bull Rally Hinges On This One Price Level

22 Jan Bitcoin’s Ongoing Bull Rally Hinges On This One Price Level

Posted at 22:07h in Ethereum News by

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Last year, analysts were certain Bitcoin (BTC) would spring back into a bull market. And it did, with the cryptocurrency rallying by some 300% in the first half of the year from the $3,000s to $14,000 in a jaw-dropping and parabolic fashion. But, as fast as the cryptocurrency rallied, it dropped. By December of last year — just a month ago — the price of Bitcoin had returned to a low of $6,400, a key support level.

While this drop made many investors believe BTC was poised to test the $3,000s yet again, bulls stepped in at the 11th hour, pushing the cryptocurrency some 40% higher to $9,200 just last week. The rally has since stalled, however, with Bitcoin now holding $8,600.

Per Nik Patel, a popular cryptocurrency analyst, the cryptocurrency will need to hold a key level to ensure that this ongoing rally will continue and to avoid a potential return to lower local lows than $6,400:

“Whether price falls off for the remainder of the week…is…

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