Bitcoin and the aggregated crypto markets have continued to stay firmly caught within their 2020 uptrend, with Bitcoin and most major altcoins clocking decent gains today as analysts watch to see how they react to key resistance levels that they are currently contesting.
In the near-term, analysts do believe that Bitcoin will make an attempt to rally past the resistance it is facing at $9,000, which could fan the flames of the recent uptrend and make a move to the coveted five-figure price region all the more likely.
Bitcoin Races to $9,000 as Bulls Struggle to Push Through Resistance
At the time of writing, Bitcoin is trading up just under 3% at its current price of $8,930, which marks a notable climb from daily lows of $8,600 that were set when bears attempted to reverse the recent uptrend.
In the near-term, it does appear likely that Bitcoin will see further upside as bulls attempt to push BTC over $9,000, although it has faced multiple slight rejections at this level over the past few hours.
Bitcoin’s extension of its recent momentum has once again allowed altcoins to rally in tandem, which most major cryptos significantly outpacing BTC’s gains over the past 24-hours.
The fact that altcoins have climbed in tandem with the benchmark cryptocurrency over the past few days seems to suggest that fresh funding is entering the markets, and that the BTC rally is not being driven by investors shifting capital away from altcoins.
Because BTC’s ongoing bout of consolidation within the upper-$8,000 region comes amidst an overwhelming bull trend, analysts do believe it will see further upside.
“$BTC – consolidation in a trend generally resolves in direction of recent trend. Mantra I live buy. Looks like it wants to make a run in the $9k’s now,” Bob Loukas, a popular cryptocurrency trader, explained in a recent tweet.
$BTC – consolidation in an trend generally resolves in direction of recent trend. Mantra I live buy. Looks like it wants to make a run in the $9k's now.
— Bob Loukas (@BobLoukas) January 17, 2020
Bitcoin Jack, another popular cryptocurrency analyst on Twitter, explained that although he does anticipate BTC to see some further near-term upside, he is somewhat cautious on the crypto in the near-term.
“I think Bitcoin can definitely trend higher from here, even though I’m hedging. I’m shorting it as a setup presented itself and we don’t get setups all day every day. It’s rare to be in alt longs making BTC to hedge against the $BTC short hedge,” he noted.
I think Bitcoin can definitely trend higher from here, even though I'm hedging
I'm shorting it as a setup presented itself and we don't get setups all day every day
It's rare to be in alt longs making BTC to hedge against the $BTC short hedge
— //Bitcoin 𝕵ack (@BTC_JackSparrow) January 17, 2020
How the markets trend in the coming few hours will likely offer insight into how far this rally can extend, as a break above $9,000 will put BTC just a stone’s throw away from being back into the five-figure price region.