Bitcoin has been able to successfully maintain $8,000 support for a couple of days. BTC now looks ready to forge ahead. Obviously, its next price resistance to huddle before higher challenges start to surface one at a time is $8,500 resistance level.
In this regard, a cryptocurrency trader and analyst, Jacob Canfield has recently aired his opinion regarding Bitcoin’s possible price trend, averring that $9,000 is the next key level if BTC could break $8,500 resistance level.
Jacob Canfield Says $9,000 is the next key Level for Bitcoin
Bitcoin is presently gathering momentum for the next move, considering the indications it showcased over the past hours.
The cryptocurrency analyst and trader, Jacob Canfield opined that Bitcoin could rally to break above $9,000 resistance level if it’s able to break $8,500.
He said, “If $8,500 breaks, the next key level would be $9,000. This is a psychological round number (Vegeta memes) It is also the 61.8% fibonacci retracement as well as the 200MA. Good luck to the bulas”
If $8,500 breaks, the next key level would be $9,000.
This is a psychological round number (Vegeta memes)
It is also the 61.8% fibonacci retracement as well as the 200MA.
Good luck to the bulas. pic.twitter.com/0pe9Y8Fdhd
— Jacob Canfield (@JacobCanfield) January 14, 2020
Josh Rager Sees Bitcoin Price Consolidation
Prior to Jacob Canfield’s short term prediction for Bitcoin, the popular cryptocurrency analyst, Josh Rager also aired his opinion as BTC seemingly prepares to move for higher and challenging resistance levels.
In his analysis, he said $8,170 and above is a significant area that will determine the possibility of Bitcoin facing higher price challenges.
He stressed the importance of $8,170 support to the further price uptrend of Bitcoin, stating that the next strong resistance to surpass is $8,750. He added that a price downtrend below $7,700 is bearish for BTC.
He said, “…$8170s is a significant area for Bitcoin to break and close above on higher time frame charts. It’s been an important support/resistance and high volume area (POC) for trading. Next resistance to break is $8750 And things get bearish below $7700s.”
$8170s is a significant area for Bitcoin to break and close above on higher time frame charts
It's been an important support/resistance and high volume area (POC) for trading
Next resistance to break is $8750
And things get bearish below $7700s pic.twitter.com/xgMugEk4Gn
— Josh Rager 📈 (@Josh_Rager) January 13, 2020
Bitcoin Price in the Market
Bitcoin price recently made a brief move closer to breaking $8,500 resistance level. A level termed as important to its further appreciation, going by the assertions of the analysts.
Presently, BTC seems to have rested above $8,300 price level, however, the possibility of a further price upsurge is not ascertained at this point.
Any price trend, whether positive or negative is possible any moment from now. At the time of filing this report, BTC is trading at $8,387.85, with about a 3% price upsurge in the last 24 hours.