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Bitcoin must now overcome these 3 hurdles to get back to $ 10,000

Bitcoin must now overcome these 3 hurdles to get back to $ 10,000

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Bitcoin is still on an expansion course that brings the price to new dimensions. But if the leading asset wants to hit five-figure prices again, it has to go beyond some important resistance values.

Bitcoin makes it through the resistance at $ 8,700?

Price movement yesterday saw BTC move from its recent stagnation by $ 8,100 to just under $ 8,700, the first of the main levels of resistance. Up to this level, all other milestones were quickly adopted as bearish shorts were liquidated. 

This particular price point has hit Bitcoin on three different occasions in the past, with a sharp surge after each bearish correction.

Bitcoin is still relatively reach-oriented, with prices constantly at resistance levels. BTC stopped at around $ 8,792, pulled back, and tried to break the $ 8,700 resistance. Shortly afterwards, bitcoin prices broke through this range to $ 8,718 – and this may indicate a larger breakout rally or a retreat below the resistance level.

The other two resistance values ​​seem to be $ 9,350 and $ 9,940. Both levels have had a major impact on Bitcoin prices in the past 9 months.

The current rally looks strong

Bitcoin manages to hit new highs fairly quickly, and new levels of resistance are expected relatively soon. In 2019, BTC hit lows around the $ 7,000 region in December, and the new year starts with a clear trend.

The $ 9,400 mark will quickly become a highly anticipated area for BTC traders should the bulls successfully close the current $ 8,700 cap. At this price level, there was significant support between July and September last year, supporting the BTC price after three sharp downward fluctuations. 

Breaking this level would restore solid support for Bitcoin as the bulls target the legendary $ 10K target.

From then on, the last hurdle for a Bitcoin price at $ 10k is likely to be around the $ 9,900 mark. A look at the graphic above shows: This level also played a key role in support for Bitcoin in the third quarter of 2019. 

Perhaps more importantly, this level was also strong resistance during Bitcoin’s attempt to break the $ 10,000 mark again at the November rally. Any money caught at that level will likely be dumped on the market once that level is reached again.

Best January since 2012

At prices around $ 8,700, trader excitement and bot activity could be the main drivers of the price action. The new price movements could be slower or faster than expected, as the interaction of spot and futures markets will discover the new prices for BTC in 2020. 

For now, Bitcoin is safe from bearish scenarios, but volatility is not out of the question. In mid-January, BTC now breaks the previous January trend of a price slide and recovers to levels that have not been observed in the past three months.

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