Bitcoin bulls intend to end January in positive conditions

Bitcoin has regained support of more than $ 9,000, having quickly passed through resistance levels of $ 8,700 and $ 8,800. It is clear that Bitcoin bulls intend to end January in positive conditions.

Currently, the price of Bitcoin is around $ 9,015, after reaching $ 9,160 yesterday.

A closer look at the cryptocurrency market shows that the Bitcoin jump over $ 9,000 continues to have a positive impact. Other well-performing cryptocurrencies include Litecoin, which rose to close to $ 60, EOS to $ 4 and Bitcoin Cash to $ 363. Ethereum Classic is the champion of the week.

Bitcoin bulls must continue

In the short term, the price must fall above the recent high, around $ 9,190, to move on. The previous range between $ 9182 and $ 9550, recorded after Chinese President Xi’s statements, will act at levels of resilience and consolidation.

A move below $ 8100 – $ 8200 in support could reverse the trend and generate negative market sentiment. However, the likelihood that the price will drop so much is less and less.

There are only 100 days left until the block reward for Bitcoin is reduced, which contributes to stimulating an upward trend.

In all likelihood, the ideal value for halving has not yet been reached – $ 12,000 -13,000 being the ideal price for Bitcoin miners. Increased mining difficulty due to increased hash rate has added market pressure.

Last but not least, the traditional investment market has suffered a series of recent blows. The US-China trade war, the Iran-US conflict and the recent Coronavirus have been pushbacks for Bitcoin.

Investors are looking for assets protected from such adverse effects, and cryptocurrencies and gold are at hand.