Bitcoin (BTC) hit $9,000 on January 17, as technical metrics continued to break both local and all-time records.
Bitcoin may yet flash bearish away from $9K, warns CT’s filbfilb 🤔 https://t.co/jIegXgABsa#FCoin #FCoinJP #FCoinEurope #FMEX #Bitcoin #BTC #ETH #XRP #TRX #Crypto — FCoin Europe (@EuropeFcoin) January 17, 2020
Data showed that BTC/USD finally rising to the significant $9,000 boundary on Friday (today), following a bullish run-up overnight.
It has been reported that at press time, a slight retracement had sent the pair slightly lower to $8,900, with 24-hour returns still at 3% and weekly performance stronger at almost 16%.
However, Bitcoin holders are currently sitting on monthly gains totaling almost 35%.
Specifically, if BTC/USD were to close below the bullish candle, which took it to current highs, the chance of a bearish reversal would be on the table. Likewise, the price under such circumstances would then paint a so-called swing failure pattern, or SFP, which in turn may keep the pair lower.
A Bitcoin contributor summarized:
“When price pierces above a key swing high but then closes back below that swing high, we have a potential bearish SFP.”
Additionally, the 200-day moving average, which has served as major resistance for the past two years, is also hovering around the low $9Ks. Thus, it will likely present a critical barrier for the bulls if a run-up to $10,000 is to occur.
It has been analyzed that Bitcoin was exhibiting multiple trends to excite analysts as the week drew to a close.
Hash rate, a measure of the computing power dedicated to validating the Bitcoin blockchain, hit a new all-time high on January 16. While figures vary, Coin Dance, the monitoring resource, put Bitcoin’s hash rate at 149 quintillion hashes per second. Also making fresh progress was overall interest in Bitcoin, with data from Google Trends showing worldwide searches for the term “Bitcoin” at their highest since late October.
However, altcoins continued their highly varied bullish price action as Bitcoin hit two-month highs.
Out of the top twenty cryptocurrencies by market cap, it was Ethereum Classic (ETC) which led the charge on January 17 (today), rising over 30% to $9.82.
In the meantime, Ethereum (ETH), the largest altcoin, managed 6.5% to trade at $172.
Thus, the overall cryptocurrency market cap was $245.6 billion, with Bitcoin’s share at 66%.