Over the past day, Bitcoin (BTC) has finally started to retrace its jaw-dropping surge higher. After rallying over 30% in less than two weeks from $6,800 to a local high of $8,910, the buying pressure has paused, giving a chance for bears to push the price of the leading cryptocurrency to the downside.<\/p>\n
As of the time of writing this article, BTC has dropped by just over 3% from the local peak, tumbling to $8,600,<\/a> with it trading even lower earlier today.<\/p>\n But according to a number of traders, this drop is just day-to-day volatility and consolidation prior to another leg higher in this market, which could allow Bitcoin to enter the $9,000s, or maybe a price range even higher than that.<\/a><\/p>\n According to a recent tweet from Calmly<\/a>, Bitcoin’s current price action in the high-$6,000s shows that the price is setting up to surmount $9,000 \u2014 a key psychological and technical resistance. Backing this sentiment he looked to the fact that BTC is currently trading in a clear consolidation range, marked by solid highs and lows. Because Bitcoin’s price action leading up to this range was bullish, the stable price action suggests bullish continuation towards $9,200 to $9,450 in the coming days.<\/p>\n Not to mention, BTC’s chart printed a similar consolidation pattern prior to the rally from $8,100 to $8,900 and $4,000 to $7,000 in early-2019.<\/p>\n #Bitcoin<\/a>: This doesn't look like any sort of top to me pic.twitter.com\/uBaCR648mT<\/a><\/p>\n — Calmly | full-time trader (@im_calmly) January 16, 2020<\/a><\/p><\/blockquote>\nReady to Surmount $9,000<\/strong><\/h2>\n
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